Krave Mart, a Karachi-based Q-commerce startup, on Wednesday announced the largest $6 million pre-seed funding in Pakistan.
The quick commerce startup aiming to revolutionize the delivery of groceries in Pakistan with a core value of “Need for Speed” raised the funds in less than four months since its establishment.
According to a statement issued by the company on Wednesday, the pre-seed funding round was led by some of the most iconic investors including China’s MSA Capital and Russia’s ru-Net. Other investors in the funding round included Islamabad-based Zayn Capital and Germany’s Global Founders Capital.
Saison Capital, +92Ventures, 2AM, Mehta Ventures, Jeddar Capital, Lakson Investment also participated in the funding besides several multiple strategic angel investors.
The masterminds behind Krave Mart
Krave Mart was co-founded in November by a team of former executives of Daraz, Foodpanda and Swvl with an aim to meet the expectations of the tech-savvy generation craving for instant deliveries, especially groceries. Masterminds behind the q-commerce start-up include Kassim Shroff, Ahsan Kidwai, Hammad Bawany, and Haziq Ahmed.
“We feel that the collective experience of this team will allow them to scale rapidly as they have no learning curve in the quick commerce vertical,” the statement quoted Zayn Frontier Fund Co-Founder and Managing Partner Faisal Aftab as saying.
Expansion plan
Krave Mart management is hopeful to cover 100% population of Karachi in early 2022 and expand its services to other cities as well. In the long run, the company seeks international operations as well.
Kassim Shroff, Co-Founder & CEO of Krave Mart said:
“With a mission to keep customers at the heart of our priorities and ensuring 10 mins delivery and quality products, our aim is to give people back some of their valuable time that they would otherwise spend by going to neighborhood grocery stores. We see a huge potential and opportunity in this market and we have put our heads down to ensure we execute properly and deliver on what we have promised.