Karachi-based B2B platform Zaraye raises $2.1m in pre-seed funding – Business

Karachi-based B2B commodities market Zaraye said in a statement released by the company that it had raised $2.1 million in a pre-seeding round led by Tiger Global and Zayn Capital.

Other investors include +92 Ventures, Alan Rutledge, Jack Rizvi, and current and former Careem employees.

This is Tiger Global’s first pre-seed investment in Pakistan, the statement said.

Founded in late 2021, the company “helps manufacturers procure raw materials and working capital,” it added.

“The platform helps raw material buyers connect with multiple suppliers who provide real-time quotes, making the process fast and hassle-free,” the statement said.

“We currently serve customers across the textile and construction industries and have more than 300 partners and suppliers in more than 20 cities.”

founder

Zaraye was founded by Institute of Business Administration graduates Taha Iqbal Teli, Hashair Junaid Ahmedani and Ahsan Ali Khan.

Teli and Khan have been part of the tech ecosystem for the past five years at giants like Careem and Swvl.

During his final tenure, Khan led Swvl’s Pakistani travel category and Teli led Karachi’s TaaS offering before launching Daewoo Adda, a logistics product for transportation leader Daewoo.

Meanwhile, Ahmedani returned to Pakistan to join the family business in Karachi after completing her graduate degree at the University of Bath (studying at Teli). Ahmedani soon found his passion in the hospitality industry. Through two successful ventures, he introduced Czech and Levant cuisine to Pakistan while building a fast-moving consumer goods brand for coffee imported from Latin America.

the company

According to the statement, raw materials account for 60-65% of the total cost of manufacturers in Pakistan’s industrial manufacturing sector.

“With thin net margins, finding cost effectiveness is critical for these companies to win orders and remain competitive both locally and globally,” the statement added. I started a business in a financial institution and had to “switch to the informal market at a premium of about 2.5x.”

To address this issue, I quoted Khan from the statement. “We aim to strengthen the backbone of the national economy by helping entrepreneurs find ways to optimize and scale.”

“Zaraye will help our partners compete locally and globally, saving more time and money to create the best products. With the confidence of the incredible investors in Zaraye, we are continuing our mission to reach millions of users. We are ready to strengthen it even further.” said.

The company’s statement emphasized that manufacturers had to either connect directly with a handful of intermediaries or directly with suppliers and wait for them to offer their rates, through a tedious process that traditionally required manufacturers to go through multiple phone calls.

“This process is longer and tedious, and buyers have very limited options for making decisions,” the statement said. “, he added. Real-time “creating information for buying decisions massively and quickly”.

“At the same time, suppliers will have access to consolidated demand through the vast network of buyers on the Zaraye platform.”

In this regard, Ahmedani said: Zaraye aims to help these companies find the efficiencies of their procurement and financing options and scale to make better decisions for their businesses.”