Pakistan-based online grocery platform, GrocerApp has successfully raised $5.2 million in a Series A round directed by Dubai-based investment firm Hayaat Global, as announced by the company today. Other participants of the deal were New York-based Millville Opportunities Fund; Middle Eastern investors Wamda Capital, Jabbar Internet Group, Nama Ventures; China’s Haitou Global; and Pakistan’s Lean Bricks and Walled City Co., and some angel investors.
Moreover, this innovative startup was established in 2016 by Ahmad Saeed, Hassaan Sadiq, and Rai Bilal. The app enables users in Pakistan to orders their groceries, for same-day delivery (in most cases) by its web and mobile apps. GrocerApp was initially operated in Lahore then the app was expanded to Islamabad and Rawalpindi late last year, and has now also launched in Faisalabad.
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Furthermore, with the latest investments, the firm will proceed to fuel its expansion across these four cities and then enter Karachi, by the conclusion of the third quarter this year, as told by GrocerApp’s co-founder and CEO Ahmed Saeed.
In a statement, commenting on the investment, the CEO stated, “We owe our success to the vigorous efforts of our brilliant team enabling us to rapidly scale in such a short period while maintaining sustainable and healthy unit economics. We are thrilled to have experienced investors as partners helping us not just with capital, but their operational and domain expertise, making GrocerApp a leading e-commerce platform in Pakistan.
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Furthermore, GrocerApp is one of the pioneers of online grocery stores in Pakistan but presently is facing competition from competitors like Airlift, Cheetay, and Delivery Hero-backed Foodpanda – all of which have introduced new e-commerce services to deliver groceries in 30 to 45 minutes from their mico-fulfillment stations, as well as hypermarkets that have established their online grocery platforms.
Source: MenaBytes
