Secure Logistics Group Limited (SLGL) has officially completed its merger with Trax Online, bringing together two distinct business models into a unified logistics powerhouse designed to capture value from Pakistan’s fast-growing e-commerce sector. The transaction reached its final milestone in May 2025, after the Islamabad High Court sanctioned the scheme on May 5, closely followed by regulatory approval from the Competition Commission of Pakistan (CCP) two days later.
The CCP defined the relevant market as “courier and e-commerce logistics services,” underscoring the strategic importance of the deal in a competitive industry where last-mile delivery and fulfilment solutions are in high demand. With online shopping volumes surging, the merger is being closely watched as a test case for whether Pakistan’s logistics providers can adapt to new consumer behaviors and merchant expectations.
The merger is structured as a combination of asset-heavy and asset-light models. Secure Logistics contributes its fleet of trucks, established contract logistics business, security services, and IoT-driven operational capabilities, while Trax brings in its strength in tech-enabled last-mile delivery, nationwide warehousing, and an expansive network of e-commerce merchants. This blend is designed to reduce costs, enhance service reliability, and increase delivery density in key urban and semi-urban markets.
According to equity research published by Chase Securities, the merged entity is expected to realize Rs400 million in cost and revenue synergies, most of which should be in place by April 2026. These synergies include streamlined fleet management, improved warehouse utilization, integrated technology platforms, and bundled financial services for merchants.
Operationally, the combined group will function through five legal entities: SLG (transport and logistics), LogiServe (technology and IoT, also a licensed NBFC), and Sky Guards (security), alongside other specialized units. By the end of 2025, the network is projected to cover 200 offices across 60 cities, serving over 300 business-to-business clients and more than 9,000 direct-to-consumer merchants.
For Pakistan’s e-commerce players, the merger offers an expanded menu of services under a single counterparty. Beyond standard delivery, merchants will gain access to warehousing, cash-on-delivery collection, and a unique offering—advancing working capital against receivables. This feature could be a game-changer for small and medium-sized sellers that often struggle with liquidity bottlenecks while scaling online operations.
Industry observers view this consolidation as a sign that logistics in Pakistan is maturing into a more integrated ecosystem. By pairing the physical assets of SLG with the digital-first approach of Trax, the merged entity has a stronger chance of competing against both traditional courier companies and newer logistics startups. At the same time, the expansion into fintech-like services highlights how logistics providers are increasingly embedding financial solutions into their platforms, mirroring global trends.
As e-commerce continues to grow in double digits, the merger positions Secure Logistics Group to play a pivotal role in shaping Pakistan’s delivery infrastructure. The focus now shifts to execution—whether SLGL can deliver on promised synergies and maintain service quality as it scales operations nationwide.
Follow the PakBanker Whatsapp Channel for updated across Pakistan’s banking ecosystem.