Pakistan's Clicky.pk raises $700K Pre-Series A funding
Lahore-based fashion E-commerce startup, Clicky.pk, has closed a $700K Pre-Series A funding round. Former Amazon MENA Executive, Xiaomi Executives, and other angel investors participated in the round.
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Founded in 2016 by Muhammad Khalid and Syed Shahzad, Clicky.pk is a Pakistani fashion-focused marketplace and retail startup. Having known each other for 15 years, the founders go back to the Manchester Business School and have extensive working experience in the Middle East.
Asif Keshodia, former MENA Executive of Souq.com and one of the investors in this round said, “I am thrilled to be a part of this startup in Pakistan - Clicky.pk is going to take customer experience to new heights and address the growing demand for online fashion retail in the region. We see a massive opportunity here, looking at successful online fashion destinations launched in other markets like ASOS in the UK, Zalando in Germany, and NET-A-PORTER in France. With local investors being stakeholders, it's a testament to the confidence that exists in the huge market potential for e-commerce in the country”.
Clicky.pk's previous investors include Souq.com and Fatima Ventures. Representing the local investor on the Board of Clicky.pk, Ali Mukhtar from Fatima Ventures commented on this round, “Khalid and Shahzad have been building a focused e-commerce business and we are excited to see how this investment will bring opportunities for local brands and private labels to grow and provide a high-quality fashion retail experience to Pakistani consumers.”
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The larger focus for Clicky.pk is to work directly with manufacturers and build private labels across diverse fashion categories. The new funds will be used to grow a team of fashion designers for home-grown labels. The fashion marketplace will also invest in logistics and the supply chain in four major cities of Pakistan, focusing on improving the customer experience. Two fulfillment centres will be based out of Lahore and Islamabad.
Pakistan’s e-commerce market value has crossed $1B, with fashion and apparel remainining one of the top three categories of e-commerce in the country. Search insights from Google also tell the popularity of women’s wear, with 89% of Pakistani consumers researching fashion products online before purchasing.
The fashion industry in the country is projected to grow its revenue by $5B in the next three years. Currently, 12% of the total market revenue in the fashion segment is generated through online sales. By 2023, e-commerce fashion sales are expected to grow by 18% across apparel, footwear, and fashion accessories.
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