Egypt-Based Logistics Startup Bosta Tests The Boundaries Of A Local Tech Listing

Reports that Egyptian logistics startup Bosta is exploring an initial public offering (IPO) on the Egyptian Exchange (EGX) circulated in early February, triggering speculation about what the first last-mile logistics tech listing would mean for other startups exploring exit pathways in the country. 

Co-founded by Mohamed Ezzat and Ahmed Gaber in Cairo in 2017, Bosta operates a technology-enabled last-mile delivery platform serving e-commerce merchants. The company provides delivery management software, fulfillment, and logistics infrastructure aimed at addressing one of the region’s most persistent bottlenecks: reliable last-mile delivery.   

Since its founding, Bosta has evolved from a last-mile startup to what it describes as an ecosystem operator, with a footprint in Egypt, the UAE, and Saudi Arabia. What’s more, it has also attracted institutional backing: in 2021, Bosta raised US$6.7 million in a Series A round led by global venture capital firm Silicon Badia to support its expansion into Saudi Arabia and the UAE.   

Its operations also reflect the company’s maturity; in early 2026, Bosta inaugurated a $5 million automated sorting center in Egypt, reportedly the largest of its kind in the Middle East, with a processing capacity of 11,000 parcels per hour and over 250,000 parcels per day.   

In an interview with Inc. Arabia, Ezzat, CEO of Bosta, pointed to the optionality that such growth offers to the company today. “Bosta’s growth and operational maturity have positioned us with a range of exciting strategic options,” he shared. “Our focus is on continuing to execute with discipline, deepen our market leadership, and deliver sustainable value for our customers, partners, and shareholders, while contributing to the broader development of the Egyptian and regional technology ecosystem.”  

Namek Zu'bi, Managing Partner at Silicon Badia, lead investor in Bosta.

Paired with that execution, Ezzat added, is a calculated approach to capital. “We’ve been very deliberate about who we bring onto our cap table, because not all capital is equal,” he noted. “Silicon Badia has been a foundational partner for Bosta—an early believer that supported the company through both challenging periods and moments of acceleration—and that kind of long-term alignment has been instrumental in building the business. As we consider new investors, we’re focused on partners who can help us hyperscale, strengthen market leadership, and add strategic value beyond capital, while preserving the discipline and alignment that have defined Bosta's journey." 

Silicon Badia Managing Partner Namek Zu’bi, lead investor in Bosta, told Inc. Arabia that the company’s strong performance and growth have well-positioned it to explore potential exit pathways. “Bosta is not being built around a near-term exit," Zu’bi said. "The company is delivering strong, profitable growth in a large and underpenetrated market, which gives us the flexibility to be deliberate about any future liquidity pathway. That said, we have indeed received inbound interest from leading global strategic players, but as a board we evaluate all options—whether public markets or strategic transactions—through the lens of long-term value creation, alignment, and what best supports the company’s continued trajectory.”

According to Zu’bi, those fundamentals create genuine optionality for Bosta’s road ahead. “Having taken three companies public—with three more in progress this year—and completed over 30 strategic exits across our portfolio, we have a deep appreciation for both pathways,” he said. “Bosta’s strong fundamentals provide real optionality, whether in the public markets or through a strategic transaction. While public markets can unlock significant value, they also demand operational readiness, consistency, and the ability to perform under greater scrutiny.”  

So, what exactly would need to happen for Bosta to consider an EGX listing? According to Ezzat, both internal and external factors are being considered as the company expands its scope and deepens its footprint in the tech-driven logistics space. “For a local EGX listing to be the optimal path, several elements would need to align,” he said. “Internally, Bosta has reached a level of scale, governance discipline, and operating consistency consistent with public-market standards, while continuing to further institutionalize and strengthen these capabilities in preparation for the next phase of growth. Externally, further depth in institutional participation, research coverage, and investor familiarity with technology-enabled logistics businesses would help support fair valuation and sustained liquidity.”  

From Zu'bi’s perspective, Bosta’s listing, if it were to happen, would mark an important milestone for other tech startups in Egypt—though he is candid about the structural challenges that startups looking to exit continue to face. “Exits remain the Achilles’ heel of the regional technology ecosystem. While company formation and growth have accelerated, the industry has yet to consistently demonstrate liquidity outcomes at scale,” he said. “If Bosta were to list locally, it would send a powerful signal that enduring, well-governed companies built in Egypt can reach public-market readiness and deliver meaningful outcomes. More broadly, we also hope to demonstrate that the three primary liquidity pathways—secondaries, strategic transactions, and IPOs—are all achievable when founders build with discipline and long-term intent.” 

“That said, public markets will not be the right path for most startups in the region,” Zu'bi continued. “From our experience taking companies public, operating as a listed company while continuing to scale is exceptionally demanding and requires a level of predictability, governance, and leadership depth that few businesses achieve.” As for other founders and investors considering exits in the MENA today, Zu’bi noted that, while there are tangible signs that the ecosystem is maturing, it is fundamentals that drive decisions.  

“Liquidity remains a critical priority for the MENA venture ecosystem, particularly as most founders and funds in the region are still working toward their first meaningful exit,” Zu’bi said. “Successful exits create a powerful flywheel—enabling founders to reinvest as operators and angel investors while reinforcing confidence among limited partners (LPs) to allocate more capital to the region. As an example of this, we’re proud to share that Ezzat has joined as an LP in our next regional fund—a tangible sign of the ecosystem’s growing maturity.”  

At the end of the day, Zu’bi highlighted that exit decisions are rarely straightforward, advising founders to “weigh the trade-off between realizing liquidity and continuing to build long-term value.” “Ultimately, it is their decision—they have invested the blood, sweat, and tears—with investors providing guidance and support through these pivotal moments,” he concluded.  

Pictured in the lead image is Bosta co-founder and CEO Mohamed Ezzat. All photos courtesy of Bosta/Silicon Badia.