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Friday, December 3, 2021

Unilever-backed startup raises one of Pakistan's largest early stage funding - Business Recorder

Last updated Wednesday, October 6, 2021 03:00 ET , Source: TopWireNews

Technology
Quick delivery-based Munchies announces $2.5-million pre-seed investment
Karachi-based quick delivery startup Munchies announced on Wednesday that it has raised $2.5 million from strategic investors including Unilever and VentureDive, making it the third-largest pre-seed investment in Pakistan's history.
Only fintech startup TAG Innovation Pvt and Truck It In, a road freight solutions platform, have raised higher amounts in pre-seed rounds so far, according to data compiled by Crunchbase website.
Munchies, currently catering to the snacking universe and positioning itself as a "one-stop solution for impulse buying" as CEO and co-founder Saad Fazil puts it, started operations a couple of months ago. The company is focusing on Karachi's retail segment where an estimated 20-million people and a bulging youth population make the case for a big market.
It plans to utilise the funds to establish dark stores – a retail distribution centre that caters exclusively to online shopping – and warehouses, remaining focused on acquiring customers in Karachi for now.
"The pilot prior to the incorporation was successful enough to warrant a full-scale investment as well as life as its own legal entity," said a company statement, referring to the year-long pilot run under the auspices of Unilever and VentureDive, a technology solutions company.
Fazil, who was managing director and co-founder at VentureDive and led product, design, and engineering teams at Careem prior to...



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