BOBorzo Financial Model
Marketplace Startup Financials (Free Excel Download)
Global same-day logistics marketplace connecting B2B merchants with crowdsourced couriers for last-mile delivery
professionals from Deloitte
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About this model
Borzo is a same-day logistics marketplace connecting B2B merchants with crowdsourced couriers for last-mile delivery. The business operates across regions and is designed to remain asset-light, matching delivery demand with courier supply rather than owning a fleet.
The deck reported $87 million of gross revenue in 2020, 19.7 million completed deliveries, and a 20% GMV take rate, with additional services such as insurance and cash-on-delivery handling. Growth is supported by merchant demand and a high share of organic and referral order flow.
The financial model builds delivery volume, average delivery fee, and take rate by geography. A gross-to-net revenue waterfall then deducts courier remuneration and adds ancillary services, before rolling country results into a consolidated P&L. Scenarios focus on delivery growth, marketplace liquidity, courier payout, and regional margin progression.
A turnkey financial model
Live formulas, no hardcoded values
Outputs are driven by live formulas, so the workbook updates from its assumptions instead of relying on hardcoded results.
All assumptions in one tab
Inputs are clearly marked in the Assumptions tab and separated from calculations, making it clear what to change and what to leave intact.
Statements always balancing
For integrated-statement models, the balance sheet, cash flow, and supporting schedules tie through properly.
Distinct schedules for clarity
Debt, working capital, taxes, and cash flow can get messy quickly. We group calculations in clear schedules, not across disconnected tabs.
No hidden macros or external links
There are no unexplained external workbook links or macros to undermine auditability or portability.
Changes flow through the model
Update a key driver and see the impact carry through the forecast, financing, and return outputs. We never use hardcoded numbers in formulas.
About Borzo
borzo.com
How to build a detailed financial model for Borzo
A complete walkthrough of the business, drivers, and assumptions behind the downloadable Borzo model - distilled from its pitch deck and publicly available information.
Product & value proposition
- Core product: on-demand intracity same-day delivery (end-to-end, A-to-B, 30–90 min)
- Premium / dedicated: high-SLA products with guaranteed courier assignment, thermos bags, >20 km range
- Routed same-day: multi-parcel enterprise routing in 2hr+ intervals
- Dedicated delivery: door-to-door from local stores (retail, restaurant, pharmacy chains) launched 2020
- Value prop: crowdsourced courier pool keeps capex zero; merchant base is SME-first then enterprise once courier density matures
Market
- E-commerce market in Borzo's 10 target countries: $205bn (2019A) → $289bn (2020A) → $332bn (2021E) → $383bn (2022E) → $440bn (2023E) → $504bn (2024E)
- E-commerce online sales penetration in APAC countries: 11% (2019A) → 15% (2020A) → 17% (2021E) → 20% (2022E) → 23% (2023E) → 26% (2024E)
- Same-day delivery described as "fastest growing segment of consumer logistics"
- Emerging markets characterised by high population density, poor existing logistics infrastructure, and rapid e-commerce digitalization
Revenue model
- Take rate: 20% of GMV (delivery fee); higher in more mature markets
- Revenue waterfall (slide 5 image): Gross revenue → less Courier remuneration (largest deduction, visually ~50–60% of gross) → Net revenue → Royalty → Additional services
- Additional revenue streams: delcredere (credit risk), insurance, cash-on-delivery handling fees
- Net revenue = Gross revenue × net take rate (after courier pay); exact net take rate not stated
- Royalty line: likely intercompany/franchise fees from country subsidiaries to HQ
- Pricing to merchants: simple fee per delivery (distance/weight-based pricing implied)
- Channel mix: up to 80% of orders from organic / referral (zero cost); remainder from paid digital + outbound sales team (built since 2020)
Traction & metrics
- Gross revenue 2019A: $45m
- Gross revenue 2020A: $87m (+90% YoY)
- Gross revenue 2021E: $140m
- Gross revenue CAGR 2019–2021E: 80%
- Active clients 2020A: 1.8m (+325% YoY)
- Total B2B client base: 2m
- Completed deliveries 2019A: ~6.5m (implied, tripled to reach 2020A)
- Completed deliveries 2020A: 19.7m (+210% YoY)
- LTM deliveries by region: EMEA 8.6m, APAC 18.2m, Americas 2.4m (sum ~29.2m - slightly above 2020A 19.7m, suggesting LTM extends into early 2021)
- Up to 70% of annual GMV contributed by retained clients
- Orders placed by retained cohorts in year 2+: 100–180% of acquisition-year orders (net expansion - clients grow usage over time)
- 5-year capped LTV/CAC: at least 3x
- Positive cash flow in most mature markets
- Team size: 1,000+ FTE
Unit economics
- Take rate (gross): 20% of GMV
- LTV/CAC (5-year capped): ≥3x
- CAC: 80% of orders acquired at $0 (organic/referral); blended CAC not quantified
- Courier remuneration: largest cost item (visually dominant in waterfall, est. ~50–60% of gross revenue)
Competition / moat
- Not explicitly named in deck
- Stated moats: (a) crowdsourced courier density - self-reinforcing network effect; (b) SaaS-like merchant retention (70% GMV from retained cohorts); (c) word-of-mouth chain reaction; (d) organic channel dominance (80% zero-cost orders); (e) multi-country operational playbook replicated across 9 new markets in 3 years
Team & funding ask / use of funds
- Mike Alexandrovski - Founder & CEO; 20+ years, serial entrepreneur, top-5 Russian media agency
- Alex Shamis - Co-founder & Deputy CEO; co-founder 16vc.com, built 3 marketplaces, co-founded food delivery merged with DeliveryHero
- Dmitriy Zubkov - Co-founder & Head of Russia; 12+ yrs exec, prior CEO of large appliance distributor
- Maria Teslo-Danilova - COO; 10 yrs exec, prior COO/BoD at WayRay (holographic AR)
- Alexander Galkin - CTO; 18 yrs web development incl. 7 yrs as Borzo CTO
- Sabrina Shaikh - CRO; prior Head of Sales Operations & Analytics at Maersk (700-person global sales)
Recommended financial model
- Archetype + why: Marketplace GMV / take-rate P&L model. Borzo is a two-sided marketplace with a clear gross-revenue → net-revenue waterfall (GMV × gross take rate → less courier pay → net revenue). The multi-country structure warrants a regional roll-up. This is not a SaaS ARR model (no subscription), not an asset-heavy logistics P&L (fully asset-light), and not M&A/SPAC.
- Forecast horizon & granularity: Monthly for Year 1–2 (Jan 2021 – Dec 2022); quarterly for Years 3–5 (2023–2025). The deck provides 2019A, 2020A, and 2021E anchors - model should reconcile to those.
- Key drivers & assumptions:
| Driver | Value / Source |
|---|---|
| Gross revenue 2019A | $45m |
| Gross revenue 2020A | $87m |
| Gross revenue 2021E | $140m |
| Gross take rate | 20% of GMV; step up to 22–24% in mature markets over time |
| GMV (implied) | Gross revenue ÷ gross take rate = $435m in 2020A |
| Active clients 2020A | 1.8m |
| Orders per active client (annual) | ~11 deliveries/client in 2020A (19.7m ÷ 1.8m) |
| Revenue retention (GMV from existing cohorts) | 70% |
| Blended LTV/CAC (5-yr) | ≥3x |
| Headcount | 1,000+ FTE 2020; |
| Organic acquisition % of orders | 80% |
| Sales-channel order share growth | Doubled in 12 months (3Q20–2Q21) |
| E-commerce market CAGR in target regions | $289bn → $504bn, 2020–2024E (~15% CAGR) |
- Scenarios (Base / Bull / Bear - which variables flex):
- Base: Gross revenue growth per deck trajectory (80% CAGR to 2021E, then decelerating to ~30% by 2025); take rate stable at 20%; courier costs at 55% of gross.
- Bull: Take rate expands to 23% in mature markets; net new city expansion accelerates; sales-channel mix raises blended delivery count per client.
- Bear: E-commerce growth in key APAC markets slows; courier competition erodes take rate to 17%; customer acquisition costs increase as organic channel matures; FX headwinds in EM.
- Required sheets / outputs:
- Assumptions - all drivers, toggles, scenario switch
- Revenue build - GMV, gross revenue, courier remuneration, net revenue, royalty, add-on services by region (EMEA / APAC / Americas)
- Cohort waterfall - new vs. retained client GMV by year (seeded from 70% retention and order expansion data)
- P&L - net revenue → gross profit → OpEx (S&M, tech/R&D, G&A) → EBITDA → EBIT
- Unit economics summary - LTV, blended CAC, payback, LTV/CAC by channel
- Regional roll-up - revenue and delivery volume by macro region
- Dashboard - KPIs: GMV, gross rev, net rev, active clients, deliveries, take rate, LTV/CAC
Frequently asked
Is the Borzo financial model free?+
Yes. The Borzo model is a free Excel (.xlsx) download with live formulas. Sign up with your email and the workbook is yours to keep, review, and edit.
What's included in the model?+
A 5-year monthly forecast with P&L, cash flow and runway, valuation (exit multiple plus a DCF cross-check), MOIC/IRR returns, and unit economics, with live formulas throughout.
How was this model built?+
It was built from Borzo's pitch deck and publicly available information, then structured to investment-banking standards as a fully editable Excel model.
Can I change the assumptions?+
Yes. You can change assumptions and the live formulas will recalculate in the downloadable Excel model.
Have more financial modelling questions? Contact us
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