SLGTrax, the newly merged entity of Secure Logistics Group Limited (SLGL) and Trax Online, is positioning itself as a formidable player in Pakistan’s logistics and fintech ecosystem. Following its merger last month, the company has completed a $4 million post-merger funding round, obtained a Non-Banking Finance Company (NBFC) license, and is now in the process of acquiring Finova, a Singapore-based fintech currently piloting lending and payment solutions in Pakistan.
The merger signifies a major consolidation in Pakistan’s evolving logistics industry, which has recently seen significant shakeups including the exit of Swyft Logistics and PostEx’s acquisition of CallCourier. SLGTrax’s new structure enables it to operate under a fourth-party logistics (4PL) model, integrating warehousing, transportation, last-mile delivery, and security services under one umbrella—offering end-to-end control over the supply chain.
Founded in 2017, Trax Online gained rapid traction as a last-mile delivery service for Pakistan’s growing e-commerce market. Backed by TriCap Investments and Amaana Capital, the startup raised $3.2 million in 2023, serving major brands such as J., AlKaram, Baby Planet, and Bank Alfalah. Meanwhile, Secure Logistics Group, listed on the Pakistan Stock Exchange (PSX) in 2024, built a nationwide infrastructure network spanning 1,600 cities and over 300 commercial vehicles. Its sub-brands, Securlog, FIST Security, and Sky Guards, expanded its footprint into secure logistics and mobile security operations, while its LogiServe platform became known for IoT-enabled fleet management and asset tracking.
The integration of Trax’s technology-driven logistics with SLGL’s infrastructure marks a strategic leap toward a fully digitalized and vertically integrated logistics enterprise. Group CEO Gulraiz Khan noted that merging Trax brings technological depth to SLG’s operations, enhancing its warehousing and last-mile logistics capabilities. Hassan Khan, Trax co-founder, now serves as Group Deputy CEO, managing eCommerce, logistics, and warehousing operations.
The merger was finalized through a Scheme of Amalgamation, under which Trax became a 100% subsidiary of SLG, with Trax Global holding approximately 28% ownership in the merged entity, equating to about 116.7 million shares valued around Rs2.5 billion ($9 million) based on SLGTrax’s current PSX price.
In addition to merging assets, SLGTrax’s $4 million capital injection aims to accelerate technology deployment, regional expansion, and diversification into fintech. The company’s shareholder base includes prominent institutional investors such as Saudi Bugshan Group, Karandaaz Pakistan, and TriCap Investments, ensuring robust governance and international strategic direction.
The acquisition of Finova and the launch of LogiServe as an NBFC mark SLGTrax’s entry into the fintech space. By embedding financial services such as invoice financing, working capital loans, and digital payments directly into logistics operations, SLGTrax aims to solve liquidity bottlenecks for SMEs reliant on cash-on-delivery (COD) transactions, still dominant in Pakistan’s $5–8 billion eCommerce sector. The move positions SLGTrax as a direct competitor to PostEx, which has pioneered invoice factoring solutions in the same space.
Under its 4PL model, SLGTrax manages the entire logistics chain internally, reducing reliance on third-party vendors and minimizing operational risks like delivery delays, payment fraud, and inventory leaks. This consolidation enhances supply chain efficiency and transparency for merchants while offering real-time visibility and faster cash cycles.
With its strong capital backing, fintech expansion, and technology-first approach, SLGTrax is setting the foundation to become Pakistan’s first fully integrated logistics and financial services powerhouse, bridging the gap between mobility, commerce, and capital access for the digital economy.
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