Pakistani Digital Retailer SnappRetail Raises $2.5 Million Pre-Seed
Founded in 2021 by Adeel Rasheed, Moazzm Ali Khan, and Ahsan Aziz, SnappRetail aims to digitize traditional retailers by providing them with a suite of digital services.
SnappRetail, Pakistan-based digital retailer, has raised $2.5 million in a pre-seed round led by Zayn Capital’s BitRate Fund, alongside participation from Antler and Century Oak Capital.
Founded in 2021 by Adeel Rasheed, Moazzm Ali Khan, and Ahsan Aziz, SnappRetail aims to digitize traditional retailers by providing them with a suite of digital services to improve cash flow, manage inventory, and have access to microcredit. “Our target retailer is the one which has daily sales ranging from Rs1M to Rs3M and stores 10K to 20K products at the store location,” says Adeel Rasheed, CEO at SnappRetail. “Such retailers face competition from modern supermarkets. To be able to compete, the first thing they need to do is to switch from manual operations to digital operations.”
While supermarkets, global retailers and department stores are growing rapidly in Pakistan, the startup's POS device and end-to-end operations platform for inventory, stock ordering, and analytics are designed to enable traditional stores to keep pace. “We are trying to create an ecosystem where all aggregators and other applications can come in and take advantage of our base platform,” said Moazzam Ali Khan, co-founder at SnappRetail. “With our pilot, we have seen that retention is very high and gross transaction value through the system is extremely high versus any other play.”
The new funding raised will be used to strengthen product development, grow the team, and increase the startup’s footprint inside and outside Pakistan.
Revenue in Pakistan’s e-commerce sector is projected to reach $7,666 million in 2022, with an annual growth rate of about 6% from 2022-2025, according to data from Statista. Among the startups driving this growth is Bazaar Technologies, raising $70 million in funding this year. For startups looking to provide solutions for the traditional sector, Jugnu raised $22 million while 24Seven raised $6 million this year.