By Team BitBol,
Popular online grocery delivery startup GrocerApp has raised $1
million in seed funding from investors that include former Amazon executives and entrepreneurs
with a history of high-profile exits in the Middle East, the company has announced in a
statement on Saturday.
The round was led by Dubai-based Jabbar Internet Group (www.jabbar.com), the venture
capital firm led by founders of one of the Middle East’s largest e-commerce platform Souq.com
that was acquired by Amazon in one of the largest transactions in the region in 2017. The
GrocerApp investment is the first that Jabbar Internet has made in Pakistan.
Other investors in the round include Asif Keshodia, former Amazon executive for MENA region
who has now joined GrocerApp as a board member, Middle East’s Nama Ventures, Nader
Group, Karavan Ventures and 7Vals, along with participation from existing shareholders that
include Pakistan-based Walled City Co, LeanBricks and Shehryar Ali of Treet Pakistan.
Jabbar founders Samih Toukan and Hussam Khoury had cofounded the aforementioned
Souq.com, and had exited from another famous online portal Maktoob, a webmail service with
Arabic support for emails, which was acquired by Yahoo in 2009. The latest in this series of
high-profile exits is Jabbar Internet’s InstaShop, an online grocery delivery service in the UAE
that was acquired by DeliveryHero in a $360 million deal only a few days ago.
Speaking about the recent round, GrocerApp CEO Ahmed Saeed said, ”GrocerApp is equipped
with sophisticated technology, smart fulfilment centers and efficient logistics network that makes
it the leading e-grocer in Pakistan. With our recent funding injection, we are going to invest more
to make our supply chain more efficient, and expand into other cities.”
“Our success in this round is twofold. Asif, Hussam and Samih have shown confidence in
GrocerApp and decided to back us, which reinforces our position as a promising e-commerce
leader. Secondly, the tons of experience these investors bring will usher in a new era of growth
for GrocerApp,” Ahmed said.
“We see great potential in Pakistan for technology businesses. To seize the opportunity, we
have made our first investment in Pakistan in GrocerApp because of our confidence in the
business and resilience of the cofounders. We are determined to see GrocerApp grow even
further, now that the Pakistani market is ripe for a digital revolution,” said Samih Toukan of
Jabbar Internet Group.
Commenting on the investment, Asif Keshodia, who also oversaw Souq’s acquisition by
Amazon, said: “The size of grocery e-commerce in Pakistan is around $48 billion. It is a huge
market with great potential for e-commerce companies to grow. GrocerApp has shown that
promise and I am thrilled to become a part of an amazing team that is leading this company.
Collectively, the investors bring weights of experience in e-commerce which is going to help the
company soar to new heights. It is also going to develop the overall e-commerce market in
Pakistan and I look forward to this exciting journey ahead.”