Fahad Fawzi Kanoo and Idris Al-Rifai (right)
YBA Kanoo's KRT courier division acquired by Fetchr
MANAMA, 9 days ago
Yusuf Bin Ahmed Kanoo Group (YBA Kanoo), one of the largest family-owned multinational businesses in the Middle East, has announced that its courier service, KRT, has been acquired by Fetchr in a move to enter a new partnership that will elevate the service levels for its customers with cutting edge technological solutions.
Fetchr, the UAE-headquartered technology start-up, has revolutionised the delivery and logistics industry in the region by tackling the common difficulties of having “no actual address” in emerging markets.
Fetchr’s proprietary technology offers an intuitive solution to parcel pickup and drop-off in a region where address systems can be difficult to navigate. It uses a patented technology to schedule pickup and delivery using mobile phone GPS coordinates. The app enables peer-to-peer transactions while also facilitating business needs, said the statement.
YBA Kanoo Group CEO Dr Patrick Chenel said: “It is time to service KRT’s clients’ needs with a highly-digitalised offering. Fetchr is a very successful technology driven e-commerce facilitator that will provide our partnership with an enhanced service and exceptional experience.”
Commenting on the transaction, Fahad Fawzi Kanoo said: “YBA Kanoo is a significant investor in the region and we are highly selective in deploying capital through our investments arm, Kanoo Capital. In partnering with an innovative solutions provider such as Fetchr, we are confident that the company will bring value to the marketplace and a satisfying experience for individuals and businesses.”
On this association, Fetchr co-founder Idriss Al Rifai stated: "I am delighted to have the chance to further solidify the relationship with YBA Kanoo. We are very happy to be associated with such a group that has deep roots and reach across the region. We have a solid vision that will bring us to work together to solve customers’ needs that have not been supported by traditional logistics companies." - TradeArabia News Service