Karachi-based fintech startup SnappRetail has raised $2.5 million in pre-seed funding from Zayn Capital, Antler, and Century Oak Capital.
Tell me more: SnappRetail provides kiryana stores with a POS (point-of-sale) system and an integrated operations platform.
This enables them to manage inventory, order stock, track metrics, accept digital and card payments, and access working capital.
Make me care: Pakistan is becoming increasingly crowded with global retailers, department stores, and supermarkets, which benefits consumers, but creates challenges for kiryana stores.
As large retail outlets expand their networks, kiryana store growth will slow down, especially in urban centers.
According to SnappRetail, lack of digitization is one reason kiryana stores struggle to remain competitive.
“It’s hard to believe that retail, which is such a significant contributor to Pakistan’s GDP, is still run on pen and paper,” noted Adeel Rasheed, co-founder, and CEO of SnappRetail.
SnappRetail wants to digitize this retail sector which represents 900,000 kiryana stores.
You should know: SnappRetail was founded in 2021 by Adeel Rasheed, Moazzam Ali Khan, Ahsan Aziz, and Moiz Ali.
Zoom out: The funding will go towards product development, hiring, and expanding SnappRetail to 1,000 customers by 2024.