LAHORE: Online grocery shopping platform 24SEVEN.pk has secured a six-figure investment from US-based venture capital fund SOSV, and has joined its mobile accelerator programme.
This investment is part of 24SEVEN.pk’s ongoing pre-Series A round which is expected to close within a couple of weeks. 24SEVEN has also been selected for the 10th cohort of Mobile Only Accelerator, an SOSV programme for consumer technology and mobile-first markets.
Though the investment amount remains undisclosed, the investor, SOSV confirmed to Profit that the said funds have been disbursed to the startup.
Speaking to Profit, Jarrar Shah, co-founder and CEO of 24SEVEN.pk, said that the said funds will be deployed towards building infrastructure that will help the company grow faster. The funds will be focused on improving technology stack and supply chain for efficient deliveries as well as towards market expansion and enhancing the platform’s AI capabilities.
“Fresh food delivery and food traceability will become the norm in the future, and we have huge ambitions for innovating the grocery space in Pakistan. We have been on this journey for a while and are looking forward to gleaning the best insights from SOSV to further advance our mission,” says Jarrar Shah, Co-founder and CEO of 24SEVEN.pk.
Founded in 2016, 24SEVEN.pk is among Pakistan’s rapidly growing grocery shopping platforms, that claims to have served over 30,000 customers and delivered over 150,000 orders. The platform boasts an offering of over 6,000 products including fresh food delivered the same day to consumers. The company also provides direct linkages with farms to ensure food traceability and multiple payment options.
Pakistan’s grocery market is estimated at US$60 billion, according to research by MarketLine. Yet the value chain is incredibly fragmented, with 98 per cent of its small corner shops having limited product offerings and zero traceability. 24SEVEN claims to be innovating the whole sector with its own fulfilment centres, last-mile capability and small shops on wheels.
With over US$800 million under management and a cross-border ecosystem of over 1,000 startups, SOSV has backed several notable companies through its accelerator programme MOX.