Zaraye, which solves for price discovery, financing, and fulfillment, plans for rapid growth after the funding injection
In September 2021, Ahsan Ali Khan, Hashair Junaid, and Taha Iqbal envisioned making procurement of raw materials for buyers and sellers efficient and founded Zaraye. The opportunity according to them is massive: Pakistan’s industrial manufacturing sector contributes a sizable 20 per cent of the country’s economy with a $35 billion raw material market annually with raw materials contributing 60-65 per cent of the total costs for the manufacturers.
Traditionally, how buyers and suppliers of industrial raw material have operated is that they would reach out to a handful of brokers that help buyers procure and sellers sell raw material. The process is painful and time-consuming and the broker gets a cut from both parties in a transaction. The general consensus is that wherever there are middlemen, there are inefficiencies that a marketplace-like model can fix.
Karachi-based Zaraye hence came into existence as a B2B marketplace that helps buyers source raw materials at competitive and transparent prices from sellers. This helps businesses procuring raw materials achieve cost efficiencies which are crucial for surviving and thriving in the thin net margin industries they operate in. Suppliers of raw materials too see a surge in their sales.
Besides solving the problem of pricing, Zaraye also provides working capital financing to both parties. Small buyers and...
Read Full Story: https://profit.pakistantoday.com.pk/2022/04/14/tiger-global-backs-pakistans-b2b-procurement-and-financing-platform-zaraye-in-2-1m-round/
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