The startup eyes local expansion into major cities in Pakistan from its current operations in Lahore, followed by international expansion
LAHORE: Lahore-based agri-supply chain platform, Jiye Technologies has claimed to have raised $2.5 million in its pre-seed funding round, as the farm-to-retail startup rolls out expansion across Pakistan’s major cities.
The round was joined by Pakistan’s Sarmayacar, UAE-based Access Bridge Ventures and Jabbar Internet Group, UK-based EquiTie and Swiss VC firm Seedstars. The round was further joined by angel investors from MENAP (Middle East, North Africa and Pakistan), Europe and North America.
Following the pre-seed round, Jiye Technologies plans to grow its presence in cities other than Lahore where it is based, followed by international expansion.
Pakistan’s farm-to-retail supply chain is highly fragmented and dominated by middlemen which buy farm produce from farmers at lower rates. By the time the product reaches retailers, the price has increased manifold because of the commissions charged by multiple stakeholders in the supply chain.
Multiple stakeholders also buy at arbitrary prices which results in high price uncertainty on a daily basis. The fresh produce is transported in antiquated vehicles in a disorderly and time consuming manner, which increases wastage and decreases the shelf life of vegetables and fruits.
Founded by Ali Amin. Ahmad Bilal and Osama Salman, Jiye Technologies plans to digitise the agri-sector in Pakistan by...
Read Full Story: https://profit.pakistantoday.com.pk/2021/12/21/jiye-technologies-announces-raising-2-5m-in-pre-seed-funding-to-scale-farm-to-retail-operations/
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