The number of global retailers, department stores and supermarkets operating in Pakistan is increasing, which spells convenience for consumers, but trouble for kiryanas, or small general stores. According to a report by the State Bank of Pakistan, general stores’ growth will slow down, especially in urban centers, as large retail outlets continue to expand their networks.
One reason why kiryanas are struggling to compete is that many still run on pen-and-paper systems. Karachi-based SnappRetail wants to help them digitize all their operations, while also providing micro-loans. The Karachi-based company announced today that it has raised a $2.5 million pre-seed funding round led by Zayn Capital’s BitRate Fund with participation from Antler and Century Oak Capital.
The funding will be used for product development, hiring and expanding SnappRetail to 1,000 customers, with the goal of covering 13 cities by the end of 2024. The startup’s CEO, Adeel Rasheed, told TechCrunch that there are 900,000 grocery retailers in Pakistan and it is targeting 300,000 retailers that contribute 50% of grocery transaction volume.
SnappRetail’s products includes point-of-sale (POS) devices and an end-to-end operations platform (for inventory management, stock ordering and analytics) that it says helps small retailers compete against larger ones. The platform also enables them to accept digital and card payments, and access micro credit for working capital.
SnappRetail was founded in 2021 by...
Read Full Story: https://techcrunch.com/2022/09/06/snappretail-helps-pakistans-kiryanas-compete-against-supermarkets/
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