Pakistani startup 24Seven raises $1m from Betatron Venture Group

Pakistani wholesale distributor 24Seven raised $1 million in funding from Betatron Venture Group, marking the first investment from the investment firm’s fourth fund, BVG IV. 

24Seven helps mom and pop stores replenish their supplies. / Photo credit: 24Seven

24Seven started out as a direct-to-consumer grocery store. It developed its B2B channel amid the Covid-19 lockdowns in Pakistan, serving the country’s 2 million kiranas or mom and pop shops.

Jarrar Shah, 24Seven’s co-founder and CEO, said the company will use the fresh funds to expand to new cities and introduce ApniDukan, a service that rebrands various kiranas into a single, cohesive brand experience.

Currently, 24Seven’s store-specific data helps simplify the ordering process for up to 80% of a shop’s inventory. Shop owners also benefit from lower costs and can better manage their cash flow with financing. 

24Seven said that its B2B business has been growing by over 40% monthly, with nearly US$50 million in annualized revenue. 

Arshad Chowdhury, Betatron’s managing partner, said  that 24Seven exemplifies the type of startups that the firm looks to invest in. “They’re digitizing a large, traditional industry with a business model that is growing fast and can adapt to the stresses of climate change,” he added. 

Betatron is an early-stage tech investor based in Hong Kong and Singapore. Its BVG IV fund typically invests between US$500,000 to US$2 million in seed to series A rounds.

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