- B2B ecommerce marketplace aims to use funds to expand in a highly competitive market
Jugnu, a Karachi-based B2B ecommerce marketplace, and its parent company Saleflo have raised $3.2 million from Lahore-based Systems Limited, a technology and business process outsourcing services provider.
Reportedly, Systems made this investment in exchange for a 20 percent stake in the company, with some angel investors also participating in the deal.
In 2015, Saleflo was launched as the country's first software company that built cloud-based sales and distribution platforms for major corporations and FMCG's.
Founded by Yasir Suleman Memon, Sharoon Saleem, Syed Khurram Haider and Ahsan Muhammad Khan, the platform has worked with over 40 corporations, FMCG's, pharmaceutical and distribution companies.
Saleflo's services and platform building have allowed their clients to access over 300,000 retailers across the country.
Saleflo launched Jugnu in 2020, offering a digital platform for small grocery retailers across Pakistan to procure inventory for their establishments through its mobile app and fulfillment centers.
Currently operating in Lahore, Jugnu says it offers store owners next-day delivery for all purchases.
The startup aims to use this latest influx of funds to expand in a highly competitive market, with the likes of Bazaar, Dastgyr, Retailo and Tajir currently operating as well.
With a market cap of $430 million, Systems will serve as a partner to unlock potential, aiming to enhance presence in the digital retail landscape.