UAE-based X-ERA Buys Egyptian B2B Marketplace, SPEED
As part of its aim for global expansion, UAE-based X-ERA for tech-services and logistics has purchased Egypt’s B2B marketplace SPEED. The acquisition’s price is still a secret.
SPEED International for Distribution & Logistics is an affiliate of SPEED. The acquisition represents a critical turning point in the digital revolution, which intends to use digital platforms to link FMCG suppliers with small- to medium-sized businesses, retailers, and eventually consumers.
This division and transaction, according to SPEED Chairperson Ahmed Hassan, “would, in our opinion, transform the Egyptian B2B FMCG e-commerce by delivering micro, small, and medium enterprises (MSMEs) a lot of benefits.” Additionally, it will assist SPEED firms in focusing more on the e-commerce environment and all supply chain and logistical services provided to all FMCG companies.
“Expansion is one of the main goals of the division; the SPEED B2B e-commerce app currently has a base of 35,000 merchants and retailers, and future projections call for this number to rise to 100,000 by mid-2023.
As a provider of digital business solutions, X-ERA is currently updating SPEED with the help of its partners to make it more user-friendly and to include even more features and advantages for FMCG merchants and retailers.
Small and medium-sized grocery store owners in Egypt now have access to a platform that allows them to purchase goods from wholesalers, distributors, and manufacturers at transparent prices. Retailers may now use a one-stop shop to browse a large selection of products from various brands.
They are able to put together a basket based on their stock needs, place an order, and receive deliveries within 24 hours, seven days a week. They conduct all of this using their iPhones while operating their own grocery store as usual.
The goal of X-ERA is to revitalize the black market by adopting cutting-edge business strategies and enabling technologies tailored to the requirements of retailers in varied geographical contexts. Its goal is to provide access to a wide variety of items, first-rate service, and operational assistance to empower and enable retailers, merchants, and grocery store owners to elevate their skills in all facets of day-to-day business operations.
Additionally, a statewide expansion is anticipated by the end of 2023, up from the present 9 governorates. The SPEED app would receive fresh branding and identity through the re-launch, increasing its USP for the small- and medium-sized grocery store owners it serves, according to X-ERA CEO Mahmoud El-Enani.
Millions of dollars will be spent by X-ERA on technological advancement and global expansion.
