Jugnu, a B2B ecommerce platform situated in Karachi, and its parent firm Saleflo have raised $3.2 million (PKR 518 million) from Systems Limited, a renowned global technology and business process outsourcing services provider based in Lahore. The deal also included some angel investors. Systems made a $3 million investment in exchange for a 20% share in the company.
Salesflo began as a software startup in 2015, developing the country’s first cloud-based sales and distribution platform for FMCGs. Yasir Suleman Memon, Sharoon Saleem, Syed Khurram Haider, and Ahsan Muhammad Khan, all of whom having tens of years of experience working in Pakistan’s FMCG sector, created the company. Through its software, the platform has assisted 40 enterprise FMCG, pharmaceutical, and distribution companies in gaining access to over 300,000 shops across the country.
Salesflo launched Jugnu in 2020, allowing small grocery retailers in the country to buy goods for their stores, based on its experience dealing with both FMCGs and retailers. Jugnu, which is now available in Lahore, provides next-day delivery to thousands of grocery store owners via its mobile app and fulfilment facilities. The business intends to use the new money to develop Jugnu even more. It competes in a crowded market with startups like Bazaar, Dastgyr, Retailo, and Tajir, which have raised tens of millions of dollars.
Jugnu has found a strategic partner in Systems who can help it unlock several doors. With a market capitalization of nearly $430 million, it is one of the country’s biggest technological companies. Systems also owns and manages OneLoad, a fintech that allows shops to profit from digital items like as cellphone top-ups and utility bill payments. Salesflo and Jugnu co-founder Sharoon Saleem told MENAbytes that the fintech already has over 100,000 merchants using its services, thus there are a lot of synergies for Systems, OneLoad, and Jugnu to work together.
A Systems representative commenting on the investment said that it is at enhancing their presence in the digital retail landscape of Pakistan and will provide them access to potential synergies in technologies and access to digital mapping of the retail universe.
Source: menabytes
