Fawry, Egypt’s leading fintech and electronic payments company, has announced its intention to remain a key investor in logistics startup Bosta following its planned Initial Public Offering (IPO) on the Egyptian Exchange (EGX). The move signals strong confidence in Bosta’s future as it prepares for a landmark public listing.
Fawry’s Strategic Commitment
In a recent interview, Fawry CEO and Managing Director, Ashraf Sabry, confirmed the company’s long-term commitment to Bosta. This strategic backing from one of the nation’s most prominent tech firms provides a significant vote of confidence for the logistics startup as it prepares for its public market debut.
Bosta’s Landmark IPO
Bosta is reportedly preparing to float between 20% and 30% of its shares on the EGX by the end of the year. The listing is expected to be one of the largest in recent memory for an Egyptian tech startup, with a target of raising approximately $170 million (EGP 8 billion) in proceeds to fuel its next phase of growth.
Fawry’s Broader Growth Strategy
Beyond its investment in Bosta, Sabry noted that Fawry is also focused on its own expansion. The fintech giant plans to aggressively grow its small and medium-sized enterprise (SME) financing services, alongside its core collection and electronic payment businesses, citing significant market opportunities in these segments.
About Fawry
Fawry for Banking Technology and Electronic Payments S.A.E is a leading Egyptian fintech company providing a wide array of financial services to consumers and businesses. It offers a comprehensive network for electronic bill payments, mobile top-ups, and various other digital financial solutions.
About Bosta
Founded in 2017 by Mohamed Ezzat and Ahmed Gaber, Bosta is a Cairo-based logistics startup that leverages technology to provide innovative shipping and last-mile delivery solutions for e-commerce businesses across Egypt.
Source: Waya
