Krave Mart, a quick-commerce (q-commerce) startup that offers the transfer of foodstuffs and other products in just 10 minutes, has upraised $6 million in pre-seed funding round in less than four months after its establishment, the company claimed.
As per the report released by the startup, the investment was run by Russia’s ru-Net and China’s MSA Capital whereas German Global Founders Capital and Islamabad-based Zayn Capital co-led the deal. The other sharing investors comprised of +92 Ventures, Saison Capital, 2 AM, Mehta Ventures, Lakson Investment, Jeddar Capital, and multiple strategic angel investors.
In the month of November, Krave Mart was co-founded by a group of previous executives of Foodpanda, Daraz, and Swvl, the statement said.
“The Krave team consists of rockstars from Daraz, FoodPanda, and Swvl. We feel that the collective experience of this team will allow them to scale rapidly as they have no learning curve in the quick commerce vertical,” the statement cited Zayn Frontier Fund Co-Founder and Managing Partner Faisal Aftab as saying.
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“We’re really excited to be a part of their journey to create the next generation of e-commerce & delivery in Pakistan,” he said.
As per the report, Krave Mart, which started its services in December, now covers 25 percent of Karachi’s population and wishes to make that number 100percent by January 2022, prior to growing to other cities.
“Pakistan has the potential for 500+ dark stores with high population density areas,” Krave Mart COO Haziq Ahmed declared in the statement, adding that “our teams are lean, agile and efficient, which is helping us in scaling faster than any q-commerce player in the world.”
In the interim, MSA Capital conveyed in a statement that “Quick commerce will redefine how users shop for groceries in Pakistan, which today is a hyper-fragmented and inefficient [in terms of] experience. We’ve benchmarked and invested in similar models globally and believe Pakistan is a market ripe for disruption.”