Paperfly

Paperfly is a Bangladesh-based logistics-tech (3PL) company founded in February 2016 by four Bangladeshi entrepreneurs: Shahriar Hasan, Md. Razibul Islam, Rahath Ahmed, and Shamsuddin Ahmed. Headquartered in Dhaka, Paperfly pioneered technology-leveraged doorstep pickup and last-mile delivery services in Bangladesh, building what was once the country's widest cash-on-delivery (COD) coverage network.

🚀 Founding Story

Paperfly was launched in February 2016 to solve Bangladesh's e-commerce logistics challenge — a market where reach, service quality, and cost were persistent problems for online sellers. The four co-founders built the company as a dedicated third-party logistics (3PL) provider offering doorstep pickup and delivery, warehousing, packaging, fulfillment, return management, and cash-on-delivery collection services to online businesses.

The company introduced a number of innovative services including smart return, smart check, smartlog, in-app call, and cashless pay — bringing technology-led efficiency to a largely informal logistics market.

💰 Investment History

Paperfly's investment journey has been eventful, marked by a major Indian investment and a subsequent buyout by local co-founders:

• 🇮🇳 January 2021 — Received nearly BDT 100 crore equity investment from Ecom Express, one of India's largest 3PL companies (backed by Warburg Pincus and CDC Group). This funded nationwide expansion.
• 🇮🇳 April 2022 — Ecom Express announced an additional BDT 102 crore investment. However, the changed global landscape following the Russia-Ukraine conflict led to non-disbursement of pledged funds.
• 💸 September 2023 — Operations halted due to financial constraints and funds entangled in CVC Finance complications.
• 🔄 November 2023 — Resumed operations on a limited scale after the buyout negotiations began.
• 🇧🇩 July 2024 — Local co-founders completed buyout of 82% stake from Ecom Express at an undisclosed sum (industry sources: less than Tk 10 crore — a 90%+ discount on Ecom's cumulative Tk 140 crore investment).

Per PitchBook, Paperfly has raised a total of $23.2 million across its funding history. The buyout makes Paperfly a fully Bangladeshi-owned company once again, with the co-founders aiming for profitability by September 2024.

📱 Services & Operations

Paperfly provides a comprehensive suite of e-commerce logistics services:

• 📦 Doorstep pickup & delivery — Nationwide coverage across all 64 districts and 4,554 unions
• 🏦 Cash-on-Delivery (COD) collection — Widest COD coverage in Bangladesh (as claimed)
• 🏪 Warehousing & fulfillment — Storage, packing, and order fulfillment
• ↩️ Return management — Smart return processing
• 🔍 Smart check — Quality verification at pickup
• 📋 Smartlog — Logistics tracking and management
• 💳 Cashless pay — Digital payment option
• 📞 In-app call — Direct communication tool

At its peak, Paperfly operated 200+ hubs across Bangladesh with around 100 delivery points. The company served major e-commerce platforms including Daraz, Foodpanda, Aarong, Robi, Grameenphone, Rokomari, and Shajgoj.

👥 Co-Founders

• 👔 Shahriar Hasan — Co-founder & CEO (original CEO)
• ⚙️ Md. Razibul Islam — Co-founder & CTO (later CEO per TBS July 2024)
• 📣 Rahath Ahmed — Co-founder & CMO (later Advisor)
• 💼 Shamsuddin Ahmed — Co-founder

🏆 Recognition & Milestones

• 🌐 Pioneer in technology-leveraged doorstep pickup and last-mile delivery services in Bangladesh
• 🇮🇳 First major investment in a Bangladeshi logistics startup by an Indian 3PL giant (Ecom Express)
• 📍 Nationwide coverage at union level — 4,554 unions across all 64 districts
• 🚚 Served major brands including Daraz, Foodpanda, Aarong, Grameenphone, Rokomari