ⓘ Featured image: Boxit team, from left; Lijo Antony, Abraham Thomas, Premlal Pullisserry, Joby Mathew
Boxit, a UAE-based proprietary ‘valet storage’ platform, on Tuesday, announced that it has raised funding from Alif Ba Holding and a group of private investors. The company has raised total funding of $1.6M across two rounds including the latest one.
The company will deploy the fresh funds to fuel its rapid growth and facilitate its goal of securing a firm leadership position in the personal/SME storage vertical in the region over the coming 3 to 5 years period.
Founded in 2015 by Abraham Thomas, Joby Mathew, and Premlal Pullisserry, Boxit operates in the UAE and Kuwait, and provides self-storage solution through its proprietary platform and technology that combines the inventory tracking and management capability typically found in large scale third-party logistics operations with packing and moving services.
Customers can store their belongings and inventory in secure storage facilities outside of the city centre, pay only for the volume they occupy, and avoid the hassle of having to visit the storage unit themselves – warranting a cost-effective and seamless customer experience when it comes to storage and logistics.
According to the company, Boxit’s strategic investors from Kuwait acquired a significant majority in the entity in September 2017 and have provided the resources to activate and grow the Kuwait market as well as set the stage both strategically and financially for further expansion in the GCC.
Speaking of the development, Premlal Pullisserry, Co-Founder of Boxit, in a statement said,
“We were fortunate to engage with the right partners at the right time, the combination of which allowed us to unlock the platform and team’s full potential and embark on a journey of significant growth and eventually market leadership in the region in the years to come.”
The company claims to have achieved a compound annual growth rate of over 145 percent in its top line since the beginning of 2018, over 160 percent in Q3 of 2020 as compared to the same period last year, and has already doubled its top-line since the beginning of 2020 in the face of the unprecedented instability created by the COVID-19 pandemic.