Karachi-headquartered B2B e-commerce marketplace Jugnu and its parent company Saleflo have raised around PKR 518 million (USD 3.2 million) from Systems Limited, a Lahore-based leader in outsourced technology and business process services. Several angel investors also participated in the deal. Systems made an investment of USD 3 million in exchange for a 20% stake in the company.
Salesflo started in 2015 as a software company that built the country’s first cloud-based sales and distribution platform for FMCGs. It was founded by Yasir Suleman Memon, Sharoon Saleem, Syed Khurram Haider, and Ahsan Muhammad Khan, who collectively have tens of years of experience working in the FMCG sector of Pakistan. The platform has worked with 40 enterprise FMCGs, pharmaceutical, and distribution companies, helping them access over 300,000 retailers across the country through its software.
After learning from its experience of working with FMCGs and retailers, Salesflo launched Jugnu in 2020, enabling small grocery retailers in the country to procure inventory for their stores. Currently available in Lahore, Jugnu serves thousands of grocery store owners through its mobile app and fulfillment centers—offering next-day delivery for all their purchases. The startup plans to use the latest funds to further expand Jugnu. It is in a highly competitive space with startups like Bazaar, Dastgyr, Retailo, and Tajir, which have raised tens of millions of dollars, all vying for a piece of the market.
As one of the leading technology players in the country with a market cap of over USD 430 million, Systems will serve as a strategic partner that can unlock many opportunities for Jugnu. Systems also owns and operates OneLoad, a fintech firm that enables retailers to earn money by selling digital products like mobile top-ups and facilitating payments of utility bills. OneLoad already has over 100,000 merchants who use its services, so there are a lot of synergies for Systems, OneLoad, and Jugnu, Salesflo and Jugnu’s co-founder Sharoon Saleem told MENAbytes.
A Systems representative commenting on the investment said that it is enhancing its presence in Pakistan’s digital retail landscape and will provide Jugnu with access to potential synergies in technologies and digital mapping of the retail sector.
This article was originally published on MENAbytes.
