Lalamove rival eyes $100m in series D money

Borzo, a same-day delivery startup, is looking to raise US$100 million in a series D round by the first half of 2022.

Borzo’s co-founders (from left): Alex Shamis, Mike Alexandrovski, and Dmitriy Zubkov / Photo credit: Borzo

The startup will loop in existing and new global investors for the planned round, co-founder and CEO Mike Alexandrovski told Tech in Asia.

The logistics company currently serves SMEs as its core clientele but is looking to work with large enterprises soon.

“We will start serving bigger clients and we think that in the next few years, these enterprises will make a really big part of our business,” said Alexandrovski.

Founded in 2012, the Netherlands-based Borzo enables the same-day delivery of packages. The startup uses algorithms that consider geographical routes, the contents of packages, couriers, and other such factors to optimize the delivery of multiple packages and ensure the feasibility of same-day delivery.

The company serves nearly 700,000 active users every month in emerging economies including Brazil, India, Indonesia, Korea, Malaysia, Mexico, the Philippines, Russia, Turkey, and Vietnam. Borzo competes with Lalamove in many of these geographies.

See also: India halts Lalamove, but ex-staff launch similar app

In the September quarter, Borzo completed 10 million deliveries worldwide, the startup said.

In August, Borzo raised US$35 million in a series C round from a clutch of investors, including Mubadala, VNV Global, RDIF, and Flashpoint Venture Capital. It also rebranded from Dostavista to Borzo to bring its businesses across different countries under a single brand.