Veon makes $15m investment in Pakistani e-commerce platform

Veon makes $15m investment in Pakistani e-commerce platform

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Veon has completed a US$15 million investment as part of a Series A round of funding for Dastgyr, a Pakistani-based B2B e-commerce marketplace platform.

Dastygr offers businesses a one-stop-shop application that connects thousands of retailers with suppliers to give them real-time visibility on pricing and financing rates.

Its partners include Coca-Cola, Nestle and Reckitt.

“These investments are the building blocks of the digital ecosystem that will enable us to deliver on our strategy,” said Mohd Khairil Abdullah, CEO of VEON Ventures

“Pakistan, with its rapidly growing digital sector, is a key market for VEON. By bringing together Dagstyr's e-commerce business with Jazz's communications network and JazzCash's mobile payments platform, we will catalyse growth in digital services in Pakistan.

"This would be further enhanced by the digital banking services that we have ambitions to provide.”

The investment, Veon says, will contribute to boosting Pakistan’s e-commerce market. It is the largest investment in a Pakistani start-up and reflects the Group’s continued commitment to the region and to the growth of Pakistan’s digital economy.

Although, the company adds that Dastygr will remain an independent entity with a minority position being taken by Veon

The investment will support Dastygr’s expansion into 15 new cities in Pakistan alongside its existing network in Karachi, Lahore, Sialkot and Gujranwala.

“We are thrilled to achieve this milestone in the current global economic environment,” said Zohaib Ali, co-founder of Dastgyr.

“We welcome the new investors to the Dastgyr family as we continue to work relentlessly toward our vision of building an AliBaba for emerging markets worldwide.

"We’re lucky to have found strategic partners who believe in our mission and have displayed unwavering faith in our team.

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