Tazah Technologies, a Lahore-based Agri Tech startup has raised $4.5 million in new funding, bringing the entire amount raised in the pre-seed round to $6.5 million, which is higher than the total investment in all other agritech startups combined.
Tazah is a B2B fresh produce marketplace that aims to provide funding and market access to millions of farmers and enterprises.
The firm has already expanded its operations to Karachi, with plans to expand to other cities soon. Tazah is developing a tech-enabled operating system for the agriculture and food value chain intending to improve the lives of food producers, businesses, and consumers.
“We are ecstatic to receive the support of some of Pakistan’s most active investors.” We are also appreciative of all of our existing investors’ contributions and their continued support of Tazah. The new investments will help us gain market share faster and complete some exciting projects that will help us improve our margins as we grow.” – Co-Founder Abrar Bajwa.
“We feel that expanding into regional markets with similar characteristics is a sensible move with the technology and talent credentials that we are establishing,” Abrar added.
Tazah has a strong month-over-month customer retention rate, with many users returning and ordering at a frequency similar to that of a subscription, which is uncommon in other businesses.
“Our experience leading big national teams and creating complicated marketplaces has aided us in rapidly increasing our business and developing the ability to manage multi-city operations.” We’ve also put together a very strong founding team by bringing together the top talent from various industries.” – Tazah Co-Founder Mohsin Zaka said:
“At FGV, we continually imagine Pakistan’s tomorrow, now – and that is the spirit of Tazah, which is modernizing Pakistan’s huge yet immensely complicated agriculture industry to tackle inefficiencies in food and agricultural supply chains.” It’s a lofty goal, but creating a digital, forward-thinking Pakistan requires more than picking low-hanging fruit, and we’re excited to see what’s next on Tazah’s plate,” said Ali Mukhtar, FGV’s General Partner.
“This business should inevitably exist – the supply chain is currently inefficient, and Tazah streamlines it.” The company is rapidly expanding, with annualized GMV expected to reach eight figures in the next months – even though it currently accounts for a small portion of the overall market. What we’re most excited about is the possibility to develop new goods (particularly financial products) for this market – for example, Tazah is in a wonderful position to start giving lines of credit to its business purchasers, which they can pay off after reselling the merchandise,” says the company. Vibe Capital’s founder, Ankur Nagpal.
Tazah’s growing staff is focused on having a significant effect on Pakistan’s agriculture sector, which is the country’s economic backbone. Tazah’s aspirations, however, go beyond Pakistan because these concerns are widespread in the worldwide agriculture market.
Image Credit: Tazah Technologies
