Jugnu, a Pakistani B2B e-commerce firm that connects small businesses with suppliers, has received an initial strategic investment of $22.5 million from MENA-based Sary.
According to a statement released by Sary on Thursday, the round was headed by Sary, with participation from Pakistani venture capital fund Sarmayacar and Pakistani digital technology business Systems Limited.
The money will be used to help Jugnu’s B2B e-commerce ecosystem grow faster and boost the country’s retail supply chain.
“Over the last 18 months, Jugnu has concentrated on building strong capabilities and moats in important industries, using our product-market fit to grow rapidly.” “Sharoon Saleem, co-founder and CEO, stated. “This round of investment will enable us to expand our team, ramp up our technological platform, expand product offerings and extend our geographical footprint.” says the company.
According to the company, Pakistan has over a million small-scale food stores (kiryana stores) that lack access to convenient inventory procurement.
“More than two-thirds of retail stores are never directly serviced by any organized distribution channel,” Jugnu remarked.
The firm, which was founded in 2019, presently serves over 30,000 kiryanas in Lahore, Rawalpindi, and Islamabad, with plans to expand to other major cities.
“In a relatively short period of time, Jugnu is rapidly positioning itself as the platform of choice for kiryanas across Pakistan’s cities, demonstrating strong traction amongst its customers,” stated Mohammed AlDossary, Co-Founder and CEO of Sary, in response to the investment. I look forward to working closely with Jugnu’s leadership to unleash the possibilities of local trade, bridging efficiency gaps in MENAP and beyond, as they continue to recognize the market opportunity Pakistan provides.
Jugnu can consolidate in the B2B arena in MENAP thanks to its strategic investment and cooperation with Sary.”
“Our new alliance with Sary will be a great boost for Jugnu,” Saleem remarked of the alliance with Sary. With a fast-rising customer base in our present operating cities, Sary will help us speed the growth of our platform that connects farmers and enterprises.”