Karachi’s SnappRetail Raises $2.5 Million in Pre-Seed Funding

In a market where traders and consumer outlets have recently struggled to conduct business, Karachi-based SnappRetail announced today that it has secured $2.5 million in pre-seed funding to expand operations in the space.

The round was led by Zayn Capital’s BitRate Fund with participation from Antler and Century Oak Capital.

The funds will be used for product development, hiring, and expanding SnappRetail to 1,000 customers by the end of 2024, with the goal of covering 13 cities during the period. According to the startup’s CEO, Adeel Rasheed, there are 900,000 grocery retailers in Pakistan, and it is aiming for 300,000 retailers who contribute 50 percent of grocery transaction volume.

Rasheed told TechCrunch that the team’s background in retail inspired them to launch SnappRetail after discovering that many kiryanas rely on manual systems and lack bank accounts. He said, “What this essentially does is that it makes these store owners miss out on a big opportunity to use technology to gain insights out of sales data and create forecasts, improve financial management, manage inventory better and the list goes on and on”.

He further explained that SnappRetail generates revenue by charging its customers a monthly retail fee. Retail sales data is also sold to large consumer goods manufacturers. As more retailers sign up, the company will launch more money-making channels through partnerships for products such as working capital loans, B2B aggregation, and card payments.

Rasheed, Moazzam Ali Khan, Ahsan Aziz, and Moiz Ali founded SnappRetail in 2021. The team’s first startup, Resource Linked, was a retail recruitment consultancy that assisted 100,000 retailers in hiring employees. Rasheed and Khan have previously worked for consumer brands such as Unilever and L’oreal.

SnappRetail’s products include POS equipment and an end-to-end operations framework (for managing inventory, stock ordering, and analytics) which helps small retailers compete against larger ones. They can also accept digital and card payments and access microcredit for working capital through the platform.

 



Get Alerts

Follow ProPakistani to get latest news and updates.


ProPakistani Community

Join the groups below to get latest news and updates.



>