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Dastgyr, a Pakistani fintech, raises $3.5 million seed

Dastgyr, a Karachi-based fintech, recently raised $3.5 million in a seed round led by SOSV, bringing the total amount of funds procured by them to $4 million, including a previous round in July 2020.

Dastgyr is a Business-to-Business (B2B) e-commerce marketplace, founded in 2020 by Muhammad Owais Qureshi and Zohaib Ali, that aims to revolutionize the way small, medium and large businesses across the country operate through the integration of technology. The company connects retailers to manufacturers, allowing them to amass inventory quickly and efficiently.

Muhammad Owais Qureshi, co-founder of Dastgyr, said in a statement that the movement of goods is a huge problem for the economy, adding that “once the pandemic rolled around, this problem was exacerbated and no one was hit harder than small businesses. We launched Dastgyr to help those small businesses like Abdul in Lahore and Saeed in Karachi, two of our very first customers.”

According to a press release, the startup will use the seed funds to launch products in the third quarter of 2021, which will include new fintech solutions such as ‘Buy Now Pay Later’ which “Dastgyr’s team has already been experimenting with.”

William Bao Bean, General Manager at SOSV, expressed how impressed they were by Dastgyr’s culture of growth, adding that “the company’s fintech offering is truly a game-changer for the unbanked and underbanked while ensuring the success of their businesses.”

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