RIYADH: Pakistani online marketplace Zarya has raised $1.7 million in its latest funding round, led by Raed Ventures — an early-stage investor in the MENA region, MAGNiTT reported.
Others taking part in the round were Pakistan investor Fatima Gobi Ventures, Egyptian social commerce startup Taager, and US firm venture capital firms Class 5 Global and Global Founders Capital.
The Lahore-based tech firm allows social sellers and small retailers to sell goods online, while its platform helps arrange delivery and collect payments.
The site, founded by brothers Faisal and Saad Zahid, carries over 3,000 different items, a significant amount of which are women and children's clothing. Many of Zarya’s customers are housewives looking to earn additional income.
The business said it would use the cash to broaden the goods it offers and upgrade its supply chain and automation services.
E-commerce startups in Pakistan raised almost 30 percent of all capital deployed in the country in the third quarter of this year, according to a recent MAGNiTT report.
