Dastgyr, a Pakistan-based B2B marketplace, has closed a Series A round for $37 million.
This round is also Pakistan’s largest series A round to date. Dastgyr has raised about US$40 million in total funding, including its seed round in 2021.
Dastgyr assists Pakistan’s over 2 million merchants with procurement issues by linking them with manufacturers, distributors, and wholesalers, as well as providing next-day delivery and microloans.
Since its latest fundraising, the firm has grown by 300 percent, adding over 42,000 retailers across five cities and diversifying into new areas such as construction and building materials.
Dastgyr stated in a press statement that the new money will be used to expand the company’s technology stack across the board. It also plans to improve its Dastgyr Seller app and create a new loan tool that would allow sellers to obtain external working money.
This year, the organization also hopes to expand into 15 more cities in Pakistan. In terms of international expansion, Dastgyr said it is evaluating market dynamics and user behavior in several rising areas in Southeast Asia and the MENA region.
“We welcome the new investors to the Dastgyr family as we work tirelessly toward our ambition of developing an Alibaba for emerging markets around the world,” said Zohaib Ali, co-founder of the company.
“The investment in Dastgyr is part of the company’s aim to become a digital operator”, Mohd Khairil Abdullah, CEO of Veon Ventures.
“In the nations where we operate, we invest in leading digital companies like Dastgyr. These investments are the foundations of the digital ecosystem that will allow us to carry out our vision,” Abdullah explained.
Dastgyr is a one-stop-shop program that connects thousands of shops with suppliers in real-time to give them access to price and financing rates.
“In the current global economic scenario, we are happy to achieve this milestone,” said Zohaib Ali, co-founder of Dastgyr, which seeks to establish an Alibaba-like platform for emerging countries around the world.
“According to our calculations, financial inclusion, which is essential to the startup’s goal, would elevate and enable Pakistan’s small and medium-sized retail entrepreneurs, unlocking up to US$ 10 billion for the country’s GDP.”
“Pakistan’s start-up ecosystem is at a crossroads, and only startups that are focused on addressing important concerns and implementing locally tailored solutions will survive and prosper,” stated Aamir Ibrahim, CEO of Jazz.
Image Credit: Dastgyr
