Pakistani B2B ecommerce firm raises $22m in series A money

Pakistan-based Jugnu, a B2B ecommerce firm, has raised US$22.5 million in a series A round led by Sary, a B2B marketplace that focuses on the Middle East, North Africa, and Pakistan (MENAP) markets.

Sarmayacar and Systems Limited also participated in the round.

Photo credit: Jugnu

Jugnu said that more than one million kiryana (mom and pop) stores in Pakistan lack access to convenient inventory procurement, and that over two-thirds of retail stores don’t get serviced directly by any organized distribution channel.

The startup aims to resolve these challenges by connecting retail stores and SMEs directly to manufacturers through its app.

Since its establishment, Jugnu has onboarded more than 30,000 kiryana stores across Lahore, Rawalpindi, and Islamabad, and it is currently expanding into other cities. It has also started offering buy now, pay later services for kiryana owners.

Jugnu was founded in 2019 by Sharoon Saleem, Yasir Memon, Syed Khurram Haider, and Ahsan Muhammad Khan.

See also: Series SEA: Who’s investing in the region’s ecommerce startups?

In addition to the investment, Sary has also entered into a partnership with Jugnu.

“The strategic investment and alliance with Sary paves way for consolidation in the B2B space in MENAP, providing both companies with the ability to leverage diverse expertise and talent transfers across the region,” the companies said in a joint statement.