Sabzi.pk, an online fruits and vegetables delivery startup housed at LUMS Center for Entrepreneurship (LCE) just announced that it has closed its seed financing from the owners of a large Pakistani retail conglomerate.
The deal values sabzi.pk at USD 7.5 Million, the highest value fetched by an LCE company for seed round funding.
Total amount that the startup raised wasn’t disclosed.
Sabzi.pk has been growing north of 100% month over month, growing its customer base primarily in Lahore for now. Aside from same day delivery of fresh fruits and vegetables to consumer door steps, the company has started deliveries to hotels and restaurants in Lahore also. With a constant effort to increase procurement direct from farmers, Sabzi.pk is able to deliver the goods to its customers at highly competitive prices while ensuring highest quality and grade of the fruits and vegetables.
Farooq Haider, CEO of Sabzi.pk, while commenting on the funding said, “We had multiple offers for the six figures seed capital investment we were seeking but decided to go with the investors we thought most complemented our business from a strategic standpoint. The capital will primarily be used to build HR capacity, streamline our supply chain and customer relationship operations and marketing the sabzi.pk brand.”
Sabzi.pk is already planning to expand its operations in other major cities of Pakistan to cater to an ever-expanding demand from both consumers and corporate customers. “I want to turn Sabzi.pk into a national brand and trading platform that doesn’t only benefit our customers but also improves the lives and livelihoods of Pakistani farmers as we increase direct-from-farm procurement and reduce or eliminate their dependence on multiple intermediaries,” Farooq further commented.
“Farooq’s passion for his start-up, the work ethic he instilled in Sabzi.pk’s team, constant drive to make the business better and accumulate happy customers, are all key ingredients for business success. I am happy that local, Pakistani investors are beginning to value the importance of good founders and growth potential of new startups. Farooq has made us all proud and we wish his venture great success,” said Khurram Zafar, Executive Director of LUMS Center for Entrepreneurship commenting on the deal.
Okie Congratulations to the sabzi.pk startup founder, I have a question. How they valued at $7.5 Million and raised funding. If they raised $150K for 3% equity then they valued at around $4.5 million. Which investor did this investment on this valuation. How is this possible will someone explain or is this totally fake numbers to just make a big story?
Where does it say they raised $150k?
I just assumed that if the amount is this. So that mean $750K for 10% and $325K for 5% on this valuation. So who is the investor investing this kind of investments and the investor is local retailer. Strange the numbers are totally strange.
well – wishing best of luck to team.
But strange valuation , The valuation is only possible if platform is doing more than 4.0m sales annually or doest 350k usd sales every month. With whatever investment they have got i doubt they get similar valuation in next rounds if some sensible investor comes in. This cant be real valuation as website ranking/traffic doesnt transalte to the sales volume.
The amount invested is no biggie for the ‘large Pakistani retail conglomerate’ in question.
I have an idea for a startup. Roti.pk selling roti / naan / bread online. Bet this startup would be valued at no less than $10 million :)
Jab tak aap roti deliver krengy tab tk wo thandi ho chuki hogi :p kya faeda.
We’ll deliver hot rotis using our state-of-art yet stealth startup tech
Array bhaiiii ye kya ho rha hy? Koi to inhe roko!!
Mai aaj 1 Kilo Karelay 60 rupay k hisaab se laya hoon or ye log 110 rupay k bech rahy hen. :-/
Agai Moti te Cha gai Moti! Well done Moti.
They got trolled. LOL!
Congratulations team sabzi.pk. i am your customer. Now we need more Discounts :)
good news Congratulations Team Sabzi.pk
Good news for start ups but what’s reality on this news. 7.5 million for delivery sabzi…i don’t think so.60 % of our small towns where people go themselves to get sabzi because it’s kind of good exercise too.
roti.pk is owns by Naseeb or Rozee.pk guys since 2006…i own bread.pk
The veggie prices stated on their website are very steep and do not correspond to the local market rates. I think their prices need to be verified and regulated by Consumer Rights Commission of Pakistan!
I am also thinking for getting Entrepreneurship. Can somebody tell me how to get deal for website to get money. I am thinking names from sabziwala.pk to gari.pk
How much it can have value? And how to get sponsors and secure seed funding?
All numbers are fake. It seems Pakistani IT startup scene is getting wrong at the very early stage. All buzz no content. Such food delivery startups are failing in europe even backed by big pockets as people love to go out shoping grocery.
There is no way this startup can be sucessful. I am very careful by giving verdicts but in this case I am 1000 % sure .
paki entrepreneur = E Commerce
iss say agay hamari technology nahi jati…