Many of you still remember a blog post that we did earlier this year (in Chinese) about the challenges Fetchr, one of the best funded startups in the Middle East, was facing.
The blog post caused quite a bit of havoc in the circle. We are a startup ourselves, and we understand the challenges of building up a company, and we do actually hope for the best for founders that have dedicated a lot of hard work and perseverance.
Therefore, it is a relief to hear that the restructuring of Fetchr is finally confirmed and the company avoided collapse, though existing shareholders and the founder took a bit hit (with their shares diluted to almost zero).
Aside from the challenges highlighted in the previous article, we believe Fetchr also could have been more vigilant (or agile) towards the shifts in Chinese cross border ecommerce. If they did, there would be hardly any room for the Chinese last mile logistic companies that emerged from the region.
Alas, what has been done can’t be reversed – the ecommerce sector is still promising although the time window is probably quickly diminishing. What Naqel would eventually do in 2020 would also have a material impact on the competitive landscape.
Wish the new Fetchr all the best.