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Monday, October 3, 2022

Karachi based retail operating platform, SnappRetail raises $2.5m in pre-seed funding

A pre-seed fundraising round headed by Zayn Capital’s Bitrate Fund garnered $2.5 million for Karachi-based fintech firm SnappRetail on Wednesday.

According to the business, Antler and Century Oak Capital were further 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 recruitment agency, Resource Linked, which placed personnel at over 100,000 merchants, according to a statement from the company.

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Traditional retailers can increase their margins and sales with the aid of SnappRetail’s point of sale (POS) tools and digital operating platform, which functions as a micro-enterprise system for store operations.

The statement read: “They will get access to micro-credit for working capital, the ability to take digital and card payments, uncover cost efficiencies, and boost their sales through the deployment of SnappRetail POS hardware and a sales-driven data optimisation operating system.”

Rasheed, the CEO and co-founder of the fintech, said that it “is hard to believe that retail, which is such a significant contributor to Pakistan’s GDP, is still run 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.

NayaPay raises $13m in one of the largest ever seed fundraising rounds in South Asia. NayaPay targets to onboard 5 million consumers and businesses.

Rasheed asserts that SnappRetail will assist shops in boosting sales by 25% to 50%.

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 says.

SnappRetail, according to co-founder of Zayn BitRate Fund Faisal Aftab, had the right strategy for addressing the retailer’s primary issue.

The knowledge and maturity this founding team brings to the table, striking the correct mix between hypergrowth and burn management, greatly struck him, he continued.

As SnappRetail prepares for national and eventually international success, this balance is imperative.

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