Wednesday, July 17, 2024
HomeTechnologyFinTechSnappRetail has raised $2.5 million in pre-seed fundraising

SnappRetail has raised $2.5 million in pre-seed fundraising

Karachi-based fintech SnappRetail raised $2.5 million by pre-seed funding round led by Zayn Capital. Some other investors were Antler and Century Oak Capital, the company said.

Adeel Rasheed, Moazzam Ali Khan, Ahsan Aziz and Moiz Ali, Unilever alumni, co-founded Snapp Retail in 2021. The original team previously founded Resource Linked, a retail recruitment agency that has hired more than 100,000 retailers, according to a statement.

The statement read: “They will gain access to micro-credit for working capital, the ability to accept digital and card payments, unlock cost efficiencies, and grow their sales through the deployment of SnappRetail POS hardware and a sales-driven data optimization operating system.” They claim that SnappRetail will assist shops in boosting sales by 25% to 50%.

Rasheed, the CEO and co-founder of fintech, said that it “is hard to believe that retail, which is such a significant contributor to Pakistan’s GDP, is still running on pen and paper,” adding that “little to no data exists for these businesses to make meaningful decisions and, critically, to seek finance to help them succeed.” We are transitioning retailers from manual to digital ways of working in all of their everyday responsibilities for the shop since they are losing out on money.

The entire retail and startup ecosystem, according to co-founder Moazzam Ali Khan, is aiming to make it easier for traditional retailers to make a living. “We want to build an ecosystem where all aggregators and other applications can use our base platform,” the company said. According to Faisal Aftab, co-founder of the Zayn BitRate Fund, SnappRetail has the right strategy to address the retailer’s core problem.

We are pleased with the vision that SnappRetail has grown on building on its impressive progress and presents to Pakistan’s digital sector.

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