Jugnu, a Lahore-based B2B marketplace startup, raised $22.5 million in Series A funding from Sary, Sarmayacar, and Systems Limited.
Elevator Pitch: Seamless procurement for Kiryana stores.
Tell me more: Pakistan has around 5 million small and medium-sized businesses, and its retail market is worth $170 billion.
Of the 5 million small and medium-sized businesses, 1+ million are Kiryana stores.
One of the biggest challenges Kiryana stores face is the procurement of products. It’s cumbersome, inefficient and time intensive.
And Jugnu wants to change that by connecting retailers directly to manufacturers through its app.
You should know: Jugnu was founded in 2019 by Sharoon Saleem, Yasir Memon, Syed Khurram Haider, and Ahsan Muhammad Khan.
Jugnu’s funding now stands at $25.7 million with the new funding round. Last year, it raised $3.2 million in funding.
Before you go: Jugnu claims that its product is being used by 30,000 Kiryana stores across Lahore, Rawalpindi, and Islamabad.
Saray, the lead investor, is a Middle Eastern B2B marketplace. Sary is not only investing; it is also entering a new market with this investment.
Zoom Out: Jugnu plans to use the funding to expand its team, develop its technological platform, increase its product offerings, and expand its geographic reach.
It faces competition from Bazaar, Retailo, Dastgyr, and Tajir.