KARACHI: Business-to-business ecommerce marketplace Dastgyr Technologies has raised $37 million in the country’s biggest Series A funding, which is the name given to a startup’s maiden significant round of venture capital financing.
The android app — which helps retailers connect with suppliers to ensure real-time visibility on pricing and financing rates — has so far attracted a total funding of $41m from 21 investors in four rounds, according to Crunchbase, a prospecting platform for dealmakers.
The latest round was led by Veon Ltd, a Nasdaq-listed global digital operator that runs cellular company Jazz and a digital payment solutions provider JazzCash in Pakistan. Veon’s venture capital division has contributed $15m or 40.5 per cent of the total size of the latest investment round, a statement by Veon said on Tuesday.
Dastgyr will remain an independent entity, with a minority position being taken by Veon Ventures. The new investment will support the startup’s expansion into 15 new regions of Pakistan and help it develop into an AliBaba-like platform for emerging economies.
Veon Ventures’ investment in Dastgyr Series A funding was made alongside Zinal Growth Partners, DEG, Khwarizmi Ventures, Oman Technology Fund, Cedar Mundi Ventures, Reflect Ventures, Century Oak Capital, Haitou Global, GoingVC, Astir Ventures, K3 Ventures, Chandaria Capital, along with the founders of Property Finder, Ayoconnect, Quiqup and senior management from DoorDash.
Published in Dawn,June 15th, 2022
