A pre-seed fundraising round led by Zayn Capital’s Bitrate Fund raised $2.5 million for Karachi-based fintech firm SnappRetail on Wednesday.
According to the company, Antler and Century Oak Capital were additional investors.
Alumni from Unilever Adeel Rasheed, Moazzam Ali Khan, Ahsan Aziz, and Moiz Ali co-founded SnappRetail in 2021. The original team previously founded a retail recruiting agency, Resource Linked, which placed personnel at over 100,000 merchants, according to a statement from the business.
SnappRetail provides merchants with point-of-sale (POS) technologies and a digital operating platform — a micro-enterprise system for shop operations — to assist conventional retailers to increase their margins and income.
“Through the deployment of SnappRetail POS hardware and a sales-driven data optimization operating system, they will get access to micro-credit for working capital, ability to accept digital and card payments, unlock cost efficiencies and grow their sales,” the statement said.
“It’s hard to believe that retail, which is such a significant contributor to Pakistan’s GDP, is still run on pen and paper,” the fintech’s CEO and co-founder Rasheed said, adding that “little to no data exists for these businesses to make meaningful decisions and, critically, to seek finance to help them succeed. They are missing out on revenue and we are moving retailers from manual to digital ways of working in all their daily tasks for the shop.”
Rasheed claims that SnappRetail will help merchants in boosting sales by 25 to 50%.
Co-founder Moazzam Ali Khan said the whole retail and startup ecosystem was working towards improving the livelihoods of the traditional retailer. “We are trying to create an ecosystem where all aggregators and other applications can come in and take advantage of our base platform.”
SnappRetail has the right approach to solve the retailer’s essential problem, according to Zayn BitRate Fund Co-founder Faisal Aftab.
“We were particularly impressed by the experience and maturity this founding team brings to the table, hitting the right balance between hypergrowth and managing the burn,” he added.
“This balance is the need of the hour as SnappRetail gears up for national and eventually international success.”
Jussi, the general partner and founder of Antler, echoed similar sentiments.
“We have been thoroughly impressed by the vision SnappRetail brings to the tech industry of Pakistan and are looking forward to seeing them build upon their great progress.”