Krave Mart, a Karachi-based rapid delivery firm, has raised Pakistan’s largest seed round, according to Bloomberg.
MSA Capital, ru-NET, Global Founders Capital, and Zayn Capital led a $6 million pre-seed fundraising round for the delivery firm. Saison Capital, 2AM, Mehta Ventures, Jedar Capital, and Lakson Investments were among the other investors in the round.
Krave Mart’s competitors include Airlift, a Pakistani firm that received $85 million in August before expanding abroad, and Berlin-based Delivery Hero SE’s Foodpanda. The real competition, according to Kassim Shroff, the CEO and co-founder of Krave Mart, is neighborhood grocery stores.
Krave Mart began operations in Karachi and plans to expand to ten additional cities across Pakistan by the end of Q1 2022. The company also wants to expand to Sri Lanka, Nepal, and Bangladesh, where it will provide delivery services in a variety of categories.
Noting the young population of the country, increase in mobile users, and funding opportunities, Shroff, in an interview, stated, “We are where India was 10 years ago. It will take us just 2-3 years to catch up because the ecosystem really favors us.”
Tim Chen, GP at MSAS Capital, commented that quick commerce has become “a hyper-fragmented and inefficient experience” in the country. Chen went on to say that the corporation had set certain standards and invested in comparable models all over the world since Pakistan offers a lot of potentials.
This year, Pakistani entrepreneurs have received more than $300 million in international capital than in the preceding six years combined.
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