Wednesday, July 24, 2024
No menu items!
HomeBusinessKrave Mart Secures $6 Million in Funding, Nearing Profitability Milestone

Krave Mart Secures $6 Million in Funding, Nearing Profitability Milestone

Rate this post

In a significant development, Krave Mart, the online grocery platform operational in Karachi, Lahore, and Rawalpindi, has successfully raised an additional $6 million in funding. This brings the total funds raised by the company to an impressive $12 million since its launch.

The recent funding round saw participation from new investors, including notable names such as Y Combinator, Japanese football player Keisuke Honda, JAM Fund, Rebel Funds, and Decart Ventures. Additionally, existing investors Zayn VC and ru-Net have substantially increased their investment in Krave Mart.

Led by a group of investors with a proven track record in supporting industry giants like Delivery Hero, Gorillas, Meituan, and others, this funding round emphasizes Krave Mart’s strategic positioning in the market. The company boasts a network of 20 Dark Stores (on-demand warehouses) and three Mothership Warehouses across major cities.

Check Also: Privatization Commission’s Board to Convene Today for PIA Sale Discussions

Krave Mart, co-founded by industry veterans Kassim Shroff, Hammad Bawany, Ahsan Kidwai, and Haziq Ahmed, leverages their expertise gained from major players like Foodpanda, Daraz, and SWVL to revolutionize the eCommerce and online grocery landscape in Pakistan.

Maintaining profitability on every order and with 90% of its stores operating in the green, Krave Mart showcases robust unit economics. The company anticipates achieving EBITDA level profitability within the next 8 to 10 months.

CEO Kassim Shroff highlighted the company’s commitment to building a business with real margins and a positive bottom line from the outset. Krave Mart, with a dedicated team of over 100 professionals from industry giants like Daraz, Foodpanda, SWVL, and Careem, focuses on customer satisfaction.

Krave Mart’s foray into the private label landscape has been strategic, with brands like Kdaily, Breadly, Spencer & Cole, Turbo Scrub, ﻛﺑﯾرة ﺑﯾﺿﺔ, Choconoms, and Fine Print gaining popularity and contributing close to 30% of total orders.

Aaron Epstein, Group Partner at Y Combinator, praised Krave Mart’s relentless focus on the best unit economics in the industry. Faisal Aftab, General Partner at Zayn VC, commended the team’s ability to raise and scale intelligently while maintaining positive unit economics.

With this fresh injection of capital, Krave Mart aims to solidify its position as a key player in Pakistan’s evolving online grocery market. The company’s commitment to financial sustainability, innovation, and customer satisfaction positions it for continued success in the coming months.


RELATED ARTICLES

LEAVE A REPLY

Please enter your comment!
Please enter your name here

Most Popular