Zaraye raises $2.1 million in pre-seed funding

Zaraye raises $2.1 million in pre-seed funding
Zaraye raises $2.1 million in pre-seed funding

Zaraye, a Karachi-based B2B raw materials marketplace, raised $2.1 million in pre-seed funding from Tiger Global, Zayn Capital, +92 Ventures, and multiple angel investors.

Elevator Pitch: Hassle-free raw material procurement and working capital financing.

Market snapshot: Approximately 20% of Pakistan’s economy is derived from manufacturing, accounting for $35 billion in raw materials annually. Raw materials account for 60 to 65% of the cost of making things in Pakistan.

Make me care: Sourcing raw materials for manufacturing is a multi-step process, each being complex and fragmented.

Dealing with go-betweens, running around to find the best prices, and last-minute quote changes.

It is lengthy, time-consuming, and offers very few options to buyers.

Leading to an inefficient procurement value chain.

Tell me more: Zaraye wants to solve this problem by creating a marketplace of buyers and sellers where buyers post product requirements and suppliers provide quotes in real-time.

Making buying decisions more effective and efficient.

Not to mention, suppliers gain access to Zaraye’s buyer network and access to demand data.

What are they saying: Managing Partner and Co-Founder of Zayn Capital, Faisal Aftab, expressed excitement to be a part of the startup’s journey.

“Procurement in the manufacturing industry is a massive problem with similar models showing immense success in comparable markets. We believe in the Zaraye team and their capabilities in solving this problem in Pakistan,” he said in a funding announcement sent to media outlets.

Numbers, please: Within just six months of launch, Zaraye has over 500 partners and suppliers in over 20 cities, serving clients across the textile and construction industries.

You should know: Zaraye was founded in 2021 by Taha Iqbal Teli, Hashair Ahmedani, and Ahsan Ali Khan.

Also, this is Tiger Global’s first investment in Pakistan at a pre-seed stage.

Before you go: Zaraye is available across platforms with their iOS, Android, and web app.

Big picture: Zaraye’s mission is to help manufacturers find opportunities to scale and optimize to compete in the global market.

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