Monday, October 25, 2021

Karachi-based startup Munchies raises $2.5 million in Pakistan's largest early stage funding - TechJuice

Last updated Wednesday, October 6, 2021 04:57 ET , Source: TopWireNews

In recent news, a Karachi-based delivery startup called Munchies has raised up to $2.5 million from strategic investors including from leading companies such as Unilever and VentureDrive. This is said to be the third-largest pre-seed investment in Pakistan’s history.
As of now, Munchies is currently catering to the snacking ecosystem and hence positioning itself as a ‘one-stop solution for impulsive buying’. Through the respective funding, the startup plans to establish dark stores which is basically a retail distribution center that caters exclusively to online shopping. However, the startup is focused on acquiring customers in Karachi presently.
According to one of the co-founders, Fazil:
“We are growing at a tremendous pace — and hitting an easy 40% month-on-month increase in daily orders and even higher for gross merchandise value.”
Moreover, in regards to rival companies such as Airlift, Fazil mentioned the following:
“Competition is heating up. The customer acquisition cost is going to go up for all companies, not just us. But we’re focused on being hyper-local, and getting retailers on board. We’re also adding our own dark stores — this hybrid approach should position us well.”
In addition, the CEO of Unilever Pakistan added that partnering with VentureDive will enable Munchies to benefit from a technological standpoint.

Read Full Story: https://www.techjuice.pk/karachi-based-startup-munchies-raises-2-5-million-in-pakistans-largest-early-stage-funding/

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