Cheetay Logistics (Pvt) Ltd has claimed to have raised $7.8 million in a Series A round from US-based investors.
“After securing the amount, the company’s inception-to-date funding has now reached over $11.5 million,” the company said in a statement, without taking names of the US-based investors.
Cheetay Founder and former Daraz.pk CEO Ahmed Khan commented, “This magnitude of capital is a testament to the quality of technology that we have developed locally in Pakistan and a recognition by the international investing community of Cheetay’s success to date and the enormous opportunity ahead of us. With the fundraising behind us, we are now searching for driven, talented and creative leaders who can help take us to the next level.”
Cheetay currently provides services in four Pakistani cities but CEO Majid Khan said that he wants the company to have operations in every sizeable city in the country and expects rapid geographic expansion this year. The company intends to use the funds raised to enable its geographic growth, aggressively expand the team, continue investing in the development of its industry-leading logistics technology and algorithms, and roll out new lines of business targeting Now-Commerce categories, he added.
Majid concluded, “I want to thank all the members of the Cheetay team for their energy, enthusiasm and dedication in creating a business so compelling that it is attractive on a global scale. We are going to deploy our capital aggressively in our bid to become Pakistan’s pre-eminent technology company.”