Pakistan’s Dastgyr has secured an impressive $37 million in Series A funding, marking the largest funding round in the country’s history.
Dastgyr, which means “helper,” is an online marketplace connecting retailers, including grocery stores, with multiple suppliers like Nestle SA and Reckitt Benckiser Group Plc. Currently, traditional stores spend considerable time meeting with 100 suppliers weekly or physically visiting various markets to stock their shelves. The startup aims to keep costs low by facilitating digital connections between buyers and sellers, eliminating the need for physical warehousing.
Within less than two years since its inception, Dastgyr has already been utilized by approximately 100,000 retailers across 5 cities.
The funding round saw the participation of various investors, most notably Veon Ltd, as well as existing investors like SOSV’s Orbit Startups.
Zohaib Ali, co-founder of Dastgyr, told Bloomberg that the company continues “to work relentlessly toward [their] vision of building an Alibaba for emerging markets worldwide.”
“Most traditional stores currently meet 100 suppliers a week or physically browse different markets to stack its shelves.”Zohaib Ali, co-founder of Dastgyr
Dastgyr started by catering to grocery stores but has ventured into new B2B categories, including cement, steel and other building materials. It is also looking at electronics, pharmaceuticals and other retail sectors, Muhammad Owais, another co-founder, said in an interview with Bloomberg.
The company has started a Buy Now Pay Later offering and plans to introduce lending products for its sellers as well.