Home Press Release Rapid Delivery Startup Raises Largest Pre-Seed Funding – Bloomberg

Rapid Delivery Startup Raises Largest Pre-Seed Funding – Bloomberg

As reported by Bloomberg, rapid delivery startup – Krave Mart, has managed to secure the largest pre-seed funding of $6 million. The pre-seed funding round was led by MSA Capital, ru-NET, Global Founders Capital, and Zayn Capital. Several other investors were also present in the round including Saison Capital, 2AM, Mehta Ventures, Jedar Capital, and Lakson Investments.

Krave Mart is a rapid delivery, an online store that promises to deliver groceries within 10 minutes! Their objective is to cover the whole of Karachi by the end of January 2022. The startup plans to expand its operation to several other cities in Pakistan in the coming year. They also plan to expand operations to Sri Lanka, Nepal, and Bangladesh.

Competitors of Krave Mart include the likes of Airlift, another Pakistani startup which in August raised $85 million before internationally expanding, and Berlin-based Delivery Hero SE’s Foodpanda.

Kassim Shroff, Co-Founder & CEO of Krave Mart commented on the occasion,

“With a mission to keep customers at the heart of our priorities and ensuring 10 mins delivery and quality products, our aim is to give people back some of their valuable time that they would otherwise spend by going to neighbourhood grocery stores. We see a huge potential an opportunity in this market and we have put our heads down to ensure we execute properly and deliver on what we have promised”

He also added,

“Quick commerce will redefine how users shop for groceries in Pakistan, which today is a hyper-fragmented and inefficient experience. We’ve benchmarked and invested in similar models globally and believe Pakistan is a market ripe for disruption. Given their relevant backgrounds,Kassim, Haziq, Ahsan and Hammad are best suited to execute this model and build Pakistan’s leader”

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