Betatron Venture Group has invested $1 million in Pakistani wholesale distributor 24Seven, marking the first investment from the investment firm’s fourth fund, BVG IV.
24Seven began as a grocery business that sold directly to consumers. During Pakistan’s COVID-19 lockdowns, it built a B2B channel to serve the country’s 2 million kiranas (mom and pop businesses).
24Seven’s co-founder and CEO, Jarrar Shah, said the new funds will be used to expand to new locations and launch ApniDukan, a service that rebrands numerous kiranas into a single, unified brand experience.
Currently, store-specific data from 24Seven aids in the ordering process for up to 80% of a store’s inventory. Shop owners benefit from cheaper costs as well as the ability to better manage their cash flow with financing.
With approximately $50 million in annualized sales, 24Seven claims that its B2B business is growing at a rate of over 40% per month.
24Seven epitomizes the type of startup that Betatron looks to invest in, according to Arshad Chowdhury, managing partner. “They’re digitizing a large, traditional industry with a fast-growing business model that can adapt to climate change stresses,” he added.
Betatron is a Hong Kong and Singapore-based early-stage technology investor. In seed to series A rounds, its BVG IV fund typically invests between US$500,000 and US$2 million.
