Karachi-based Krave Mart raises $6M Pre-SEED
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Pakistan-based Q-commerce platform Krave Mart has successfully raised an unprecedented $6M in its latest funding round. The Pre-SEED round was led by a consortium of strategic investors including MSA Capital, Global Founders Capital, and Zayn Capital, according to Krave Mart Chief Executive Officer Kassim Shroff.
Founded in 2021, Krave Mart is a one-stop online delivery store for groceries, everyday essentials, and much more. With world-class technologies and a seamless user-based platform, the E-commerce startup set forth to revolutionize the concept of deliveries in Pakistan. The startup seems to be well-positioned in the Q-commerce market, with strong backing by investors that have collectively driven the success of regional and global players included Delivery Hero, Gorillas, Meituan, Rabbit, Kitopi, and Zeptos.
With the rapid adoption of digital platforms and the facilitation of payment solutions, the Pakistan E-commerce and FinTech industries have observed a VC boom in 2021. As most recently recorded in our November Venture Investment Dashboard, the presence of E-commerce amongst the top-ranking industries came as no surprise, where despite closing 12% less deals in 2021 than full year 2020, the E-commerce industry raised 30% of all funds deployed across industries, marking an exceptional 325% YoY growth in funding. Amongst the top rounds raised by E-commerce startups in the scene were the B2B retail marketplaces Bazaar Technologies, and Tajir Pakistan, hyperlocalized online marketplace GrocerApp, and b2b marketplaces Tazah Technologies and Dastgyr.
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Putting customers at the heart of the business, Krave Mart offers 1000s of products, ensuring quality & authenticity, while promising a faster service with greater convenience! The Pakistan-based startup has built a diverse and highly acquitted team to position itself as one of the Q-commerce pioneers, with a core value revolving around “The Need for Speed”. In light of this platform boosting investment Co-Founder/CEO Kassim Shroff commented “With a mission to keep customers at the heart of our priorities and ensuring 10 mins delivery and quality products, our aim is to give people back some of their valuable time that they would otherwise spend by going to neighborhood grocery stores. We see a huge potential and opportunity in this market and we have put our heads down to ensure we execute properly and deliver on what we have promised.
The startup plans on channeling it’s newly acquired funds in expanding its market to cover 100% population of Karachi by end of January 2022 and cover other cities and countries as well. Further, expressing his belief in the team and startup, one of the investors, MSA concluded “Quick commerce will redefine how users shop for groceries in Pakistan, which today is a hyper-fragmented and inefficient experience. We've benchmarked and invested in similar models globally and believe Pakistan is a market ripe for disruption. Given their relevant backgrounds, Kassim, Haziq, Ahsan, and Hammad are best suited to execute this model and build Pakistan's leader."
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