A B2B e-Commerce marketplace ‘Jugnu’ and its parent company Salesflo have raised nearly $3.2 million, or Rs. 518 million, from Systems Limited, a Lahore-based leading global technology and business process outsourcing services provider.
Systems Limited made an investment of $3 million in exchange for a 20 percent stake in the company. Some angel investors also participated in the deal.
The startup plans to use the latest funds to further expand Jugnu. It is in a highly competitive space with startups like Bazaar, Dastgyr, Retailo, and Tajir, who’ve raised tens of millions of dollars, also present in it.
Salesflo was founded by Yasir Suleman Memon, Sharoon Saleem, Syed Khurram Haider, and Ahsan Muhammad Khan as a software company in 2015. The founding team had decades of experience in the FMCG sector of Pakistan, and together they built Pakistan’s first cloud-based sales and distribution platform for FMCGs.
Since then, the company has worked with over 40 FMCGs, pharmaceutical, and distribution companies, with over 300,000 retailers across the country, the news report added.
After a successful experience in the FMCG sector, in 2020, Salesflo launched Jugnu. This startup enables small grocery retailers to procure inventories online, and it is currently operational only in Lahore.
Jugnu has thousands of grocery store owners on its platform through its mobile app and fulfillment centers – offering next-day delivery for all their purchases.
Systems Limited is one of the leading technology players in the country with a market cap of over $430 million and already has over 100,000 merchants who use its services.
For Systems Limited, this collaboration will enhance their presence in the digital retail landscape of Pakistan and also assist them in the digital mapping of the retail universe.