The Lahore-based fashion e-commerce startup, Clicky.pk, closed $700,000 in the Pre-Series A round of funding. Former executives from Amazon MENA region and Xiaomi, and other angel investors also participated in the round.
Founded in 2016 by Muhammad Khalid and Syed Shahzad, Clicky.pk is a fashion-focused marketplace and retail startup. Having known each other for 15 years, they have their roots in the Manchester Business School, and extensive work experience in the Middle East.
Asif Keshodia, former MENA Executive of Souq.com and one of the key investors in this round said,
I am thrilled to be a part of this startup in Pakistan. Clicky.pk is going to take the customer experience to new heights and address the growing demand for online fashion retail in the region. We see a massive opportunity here, looking at successful online fashion destinations launched in other markets like ASOS in the UK, Zalando in Germany, and NET-A-PORTER in France. With local investors being stakeholders, it’s a testament to the confidence that exists in the huge market potential for e-commerce in the country.
Now the larger focus for Clicky.pk is to work directly with manufacturers and build private labels across diverse fashion categories. The new funds will be used to grow a team of fashion designers for home-grown labels, and the fashion marketplace will also invest in logistics and a supply chain in four major cities of Pakistan while focusing on improving the customer experience. Moreover, two of its fulfillment centers will be based out of Lahore and Islamabad.
Clicky.pk’s former investors include Souq.com and Fatima Ventures. Representing the local investor on its board, Ali Mukhtar from Fatima Ventures said,
Khalid and Shahzad have been building a focused e-commerce business and we are excited to see how this investment will bring opportunities for local brands and private labels to grow and provide a high-quality fashion retail experience to Pakistani consumers.
Pakistan’s e-commerce market value has crossed $1 billion, with an average pre-paid order value of $27.8 in 2019.
Fashion and apparel remain among the top three categories of e-commerce in the country. Search insights from Google also indicate the popularity of women’s wear, with 89 percent of Pakistani consumers researching fashion products online before purchasing them.
The fashion industry in the country is projected to grow its revenue by USD 5 billion in the next three years. Currently, 12 percent of the total market revenue in the fashion segment is generated through online sales. By 2023, e-commerce fashion sales are expected to grow by 18 percent across apparel, footwear, and fashion accessories.