Pakistan-based e-commerce enabler Brandverse has closed a multi-million dollar seed round led by the JS Group, according to an announcement. The round was joined by seed investors, regional family offices, and operator angels.
The startup has also appointed a co-founder and managing director: Faizan Siddiqi, the former COO of Karachi-based logistics operator TCS Holdings.
With the fresh fund, Brandverse will strengthen Chikoo, a mobile app that enables local businesses to open a digital store free of cost. Chikoo is now available on Google Play and the Apple App Store.
Chikoo enables both offline, hyperlocal, and on-demand e-commerce across the retail value chain and is designed to address these issues by helping retailers leverage payment and logistics solutions as well as connect with new users.
Brandverse was founded in 2018 by former Google consultant Raza Matin. “We knew we would witness massive adoption of the internet and technology by Pakistani small businesses and founded Brandverse because we wanted to play our part in redefining the nation’s growth story through this transformation. The COVID-19 pandemic has highlighted the criticality of this shift for Pakistan’s smaller businesses, as competition in the last mile intensifies. We are also incredibly excited to welcome onboard Faizan, who will supercharge our growth efforts, as he has done so many times before,” said Matin who serves as CEO of Brandverse.
Speaking about the development founder Raza Matin said in a tweet:
It’s a long road and perhaps our biggest validation is having some one of @faizansiddiqi’s repute and experience eschew the corporate opportunity and join us to solve for the growth of millions of small businesses across Pakistan and MENA.— Raza Matin (@raza_matin) December 8, 2021
Much, much more to follow iA 😉 https://t.co/eXV3MbhF5x