Pakistan-based wholesale distributor startup, 24Seven.pk has raised $1 million in funding from Betatron Venture Group, marking the first investment from the investment firm’s fourth fund, BVG IV.
The company is on a mission to transform Pakistan’s farm-to-table and FMCG value chains so that everyone has access to fresh produce, groceries, and basics.
24Seven began as a grocery business that sold directly to consumers. During Pakistan’s Covid-19 lockdowns, it built a B2B channel to serve the country’s 2 million kiranas (mom and pop businesses).
24Seven’s co-founder and CEO, Jarrar Shah, said the new funds will be used to expand to new locations and launch ApniDukan, a service that rebrands numerous kiranas into a single, unified brand experience.
Apni Dukan, a business vertical dedicated to small settlements and mohallas, is empowering the country by establishing a reliable network of resellers. Our goal is to help these local micro-entrepreneurs (MSMEs) expand faster so they can have a positive influence on their communities.
Currently, store-specific data from 24Seven aids in the ordering process for up to 80% of a store’s inventory. Shop owners benefit from cheaper costs as well as the ability to better manage their cash flow with financing.
With approximately $50 million in annualized sales, 24Seven claims that its B2B business is growing at a rate of over 40% per month.
24Seven epitomizes the type of startup that Betatron looks to invest in, according to Arshad Chowdhury, the managing partner. “They’re digitizing a massive, conventional industry with a fast-growing business model that can respond to climate change stressors,” he added.
Image Credit: 24seven.pk