The concept of startups in Pakistan is on the rise. And the best thing about all of this is a simple fact – the younger generation in Pakistan wants to work in a way that benefits society and helps the people. They also want to ensure sustainable growth and environmental stability. One example of such is Jungu – a startup that managed to raise $22.5 million in Series-A round funding to digitize the country’s retail sector.
This Lahore-based B2B startup has formed a strategic alliance with Sary, a MENA-based online commerce marketplace. According to Jungu, they have opened 30,000 small retail stores and other small and medium manufacturer stores directly through the app to ensure more growth and economic sustainability for the people of Pakistan.
“Over two-thirds of the retail stores are never serviced directly by any organised distribution channel,” said Jugnu. She then added, “Jugnu has focused on developing strong capabilities and moats in key markets during the last 18 months, leveraging our product-market fit to grow rapidly during this period,” said Sharoon Saleem, co-founder, and CEO. “This round of investment will enable us to expand our team, ramp up our technological platform, expand product offerings and extend our geographical footprint.”
Commenting on the investment, Mohammed AlDossary, Co-Founder and CEO of Sary, said: “In a relatively short period of time, Jugnu is rapidly positioning itself as the platform of choice for kiryanas across Pakistan’s cities, demonstrating strong traction amongst its customers. As they continue to realise the market opportunity Pakistan brings, I look forward to working closely with Jugnu’s leadership to unlock the possibilities of local trade, bridging efficiency gaps in MENAP and beyond. The strategic investment and alliance with Sary allows Jugnu to consolidate in the B2B space in MENAP.”
Speaking about the alliance with Sary, Saleem said: “Our new alliance with Sary will be a great boost for Jugnu. We’ve established a foothold in our existing operating cities with a rapidly growing customer base, and Sary will help us accelerate the development of our platform to connect producers and businesses.”
Startups like these – who work for the betterment of society, and to cause inclusivity for all and everyone in the country are what is needed right now at this moment. Pakistan is at a phase, in which it needs to enhance the quality of the employment rate and produce equal opportunities for everyone.