A pre-seed fundraising round led by Zayn Capital’s Bitrate Fund raised $2.5 million for the fintech firm SnappRetail in Karachi.
According to the business, Antler and Century Oak Capital were further investors.
Alumni from Unilever Adeel Rasheed, Moazzam Ali Khan, Ahsan Aziz, and Moiz Ali co-founded SnappRetail in 2021. The original team previously founded a retail recruitment agency, Resource Linked, which placed personnel at over 100,000 merchants, according to a statement from the company. This is their second startup.
Traditional retailers can increase their margins and sales with the aid of SnappRetail’s point of sale (POS) tools and digital operating platform, which functions as a micro-enterprise system for store operations.
The statement read: “They will gain access to micro-credit for working capital, the ability to accept digital and card payments, unlock cost efficiencies, and grow their sales through the deployment of SnappRetail POS hardware and a sales-driven data optimization operating system.”
Rasheed, the CEO and co-founder of fintech, said that it “is hard to believe that retail, which is such a significant contributor to Pakistan’s GDP, is still run on pen and paper,” adding that “little to no data exists for these businesses to make meaningful decisions and, critically, to seek finance to help them succeed.” We are transitioning retailers from manual to digital ways of working in all of their everyday responsibilities for the shop since they are losing out on money.
Rasheed asserts that SnappRetail will assist shops in boosting sales by 25% to 50%.
The entire retail and startup ecosystem, according to co-founder Moazzam Ali Khan, is aiming to make it easier for traditional retailers to make a living. “We want to build an ecosystem where all aggregators and other applications can use our base platform,” the company said.
SnappRetail, according to co-founder of Zayn BitRate Fund Faisal Aftab, has the proper strategy for addressing the retailer’s primary issue.
The knowledge and maturity this founding team brings to the table, striking the correct mix between hypergrowth and burn management, greatly struck him, he continued.
As SnappRetail prepares for national and eventually international success, this balance is imperative.
Jussi, the general partner and founder of Antler, voiced similar sentiments.
We are eager to watch SnappRetail grow on its impressive progress and have been quite pleased by the vision it presents to Pakistan’s digital sector.