LAHORE: B2B e-commerce marketplace Dastgyr has raised undisclosed six-figure funding from angel investors in the United States (US), Pakistan and the Middle East, the company claimed in a statement on Monday.
Dastgyr’s angel round makes it the fourth startup in the B2B e-commerce space that has raised funding this year, with Bazaar, Jugnu and Taajir being the other three.
Launched in May 2020 in Lahore and Karachi, Dastgyr is founded by former members of Airlift Technologies who aspire to digitise the small, medium, and large businesses in Pakistan through technological advancement and development.
Founded by Muhammad Owais, Zohaib Ali, Mohammad Awais Chaudhry, Haseeb Siddiqui, Asad Qamar, and Maaz Tariq, Dastgyr enables shopkeepers to place orders, manage their inventory, and budgets, only within a few clicks.
Dastgyr started operations as the pandemic advanced and the globe succumbed to the pressures of an economic lockdown during which Pakistan witnessed the rise of resilient companies that took on the challenge to solve the country’s economic problems.
Pakistan is home to approximately 600,000 retailers, 60-70pc of which are overlooked by the existing system, which adds to their cost for procurement of goods and often results in loss of business.
“During the Covid lockdown, we spoke with numerous retailers and immediately realised the severity of the supply chain challenges they experience every day. It was, then, a no-brainer to launch immediately!” said Muhammad Owais, dastgyr’s co-founder, who is also a Careem and Airlift alumnus.
For a company that’s only three months old, Dastgyr claims it has managed to take on a considerable market share, and has achieved 133pc of their projected sales, making tens and thousands of deliveries to thousands of retailers within the first 90 days of operations. The company further claims that its unprecedented result has positioned Dastgyr as a true market leader as they were able to tap the market potential in the shortest possible time.
Zohaib Ali, dastgyr’s co-founder and one of Airlift’s early team members, said, “The early team at Dastgyr has always been motivated to do something that has a direct positive impact on Pakistan. With retail having one of the largest contributions to the country’s economy, we want to simplify the current fragmented landscape so Pakistan can grow and prosper.”
Dastgyr is poised that it is now set to transform the B2B industry with a business model that not only empowers retailers and creates jobs, but also overcomes the risks associated with being operational during Covid-19.