Pakistani wholesale distributor 24Seven raised $1 million in funding from Betatron Venture Group, marking the first investment from the investment firm’s fourth fund, BVG IV.
24Seven started out as a direct-to-consumer grocery store. It developed its B2B channel amid the Covid-19 lockdowns in Pakistan, serving the country’s 2 million kiranas or mom and pop shops.
Jarrar Shah, 24Seven’s co-founder and CEO, said the company will use the fresh funds to expand to new cities and introduce ApniDukan, a service that rebrands various kiranas into a single, cohesive brand experience.
Currently, 24Seven’s store-specific data helps simplify the ordering process for up to 80% of a shop’s inventory. Shop owners also benefit from lower costs and can better manage their cash flow with financing.
24Seven said that its B2B business has been growing by over 40% monthly, with nearly US$50 million in annualized revenue.
Arshad Chowdhury, Betatron’s managing partner, said that 24Seven exemplifies the type of startups that the firm looks to invest in. “They’re digitizing a large, traditional industry with a business model that is growing fast and can adapt to the stresses of climate change,” he added.
Betatron is an early-stage tech investor based in Hong Kong and Singapore. Its BVG IV fund typically invests between US$500,000 to US$2 million in seed to series A rounds.
Read Full Story: https://www.techinasia.com/pakistani-24seven-betatron
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