Dastgyr, a B2B e-commerce marketplace platform located in Pakistan, has raised $37 million in a Series A funding round led by Veon Ventures. This is the largest Series A funding round in the country’s history.
The corporate venture arm of VEON, a multinational telecommunications services firm that is also Pakistan’s largest mobile phone service provider, contributed $15 million, or around 40% of the funding.
Zinal Growth Partners, DEG, Khwarizmi Ventures, Oman Technology Fund, Cedar Mundi Ventures, Reflect Ventures, Century Oak Capital, Haitou Global, GoingVC, Astir Ventures, K3 Ventures, Chandaria Capital, and the founders of Property Finder, Ayoconnect, and Quiqup, as well as senior management from DoorDash, all invested in Dastgyr Series A funding.
The purchase represents VEON Ventures’ largest investment in a Pakistani start-up, according to a press statement released on Tuesday, and underscores the Group’s sustained commitment to the region and the growth of Pakistan’s digital economy.
Dastgyr will remain an independent company as part of the arrangement, with VEON Ventures taking a minority stake.
Dastgyr was formed in 2020 with a total investment of $300,000 by Muhammad Owais Qureshi and Zohaib Ali under stringent lockdown conditions with the goal of eliminating inventory procurement difficulties for more than 2 million shops across Pakistan.
Dastgyr will use the new funding to expand into 15 new regions across Pakistan, in addition to its existing network in Karachi, Lahore, Sheikhupura, and Gujranwala.
VEON Ventures CEO Mohd Khairil Abdullah stated that the investment in Dastgyr is part of the company’s strategy to become a digital operator.
“In the nations where we operate, we invest in leading digital companies like Dastagyr. These investments are the foundations of the digital ecosystem that will allow us to carry out our vision,” Abdullah explained.
Dastgyr is a one-stop-shop program that connects thousands of shops with suppliers in real-time to give them access to price and financing rates.
