According to reports, a Pakistani e-commerce business has acquired $37 million in Series A funding, making it the country’s largest-ever capital round.
VEON, a global digital operator that delivers mobile connectivity and services, recently invested in Dastgyr, an e-commerce marketplace platform.
Dastgyr will be able to leverage VEON’s global knowledge and operating company, Jazz’s distribution network, and digital payment solutions via JazzCash as a result of the transaction.
“Pakistan’s start-up ecosystem is at a crossroads, and only startups focused on addressing important concerns and implementing locally tailored solutions will survive and prosper,” said Aamir Ibrahim, Jazz’s CEO.
Mohammad Khairil Abdullah, CEO of VEON Ventures, stated that the company is investing in premier digital startups such as Dastagyr because “Pakistan, with its quickly rising digital industry, is a critical market for VEON.”
The investment positions Dastgyr to take advantage of VEON’s global expertise and its operating company, Jazz’s distribution network and digital payment solutions via JazzCash.
“Pakistan’s start-up ecosystem is at a critical juncture and only startups focused on addressing key challenges and adopting localised solutions will survive and thrive,” said Aamir Ibrahim, the Chief Executive Officer (CEO) of Jazz.
CEO of VEON Ventures Mohammad Khairil Abdullah said that the company is investing in leading digital companies like Dastagyr because “Pakistan, with its rapidly growing digital sector, is a key market for VEON.
“By bringing together Dagstyr’s e-commerce business with Jazz’s communications network and JazzCash’s mobile payments platform, we will catalyse the growth in digital services in Pakistan. This would be further enhanced by the digital banking services that we have ambitions to provide.”
On the other hand, co-founder of Dastgyr Zohaib Ali said that he is “thrilled to achieve this milestone in the current global economic environment.”
“We welcome the new investors to the Dastgyr family as we continue to work relentlessly toward our vision of building an Alibaba for emerging markets worldwide. We’re lucky to have found strategic partners who believe in our mission and have displayed unwavering faith in our team.
“Financial inclusion, which is central to the startup’s mission, will uplift and enable Pakistan’s small- and medium-sized retail entrepreneurs and unlock up to an additional $10 billion for the country’s GDP, according to our estimates.”