Karachi-based raw-materials procurement platform Zaraye just raised $2.1 million in pre-seed funding.
The investment was led by Tiger Global (invested in Diligent Robotics, Grain and MoonPay) and Zayn Capital. Other investors that participated in the round include +92 Ventures, Alan Rutledge, Jack Rizvi, and current and former Careem employees holding key positions in their tenures. Notably, this is Tiger Global’s first pre-seed investment in Pakistan.
Zaraye will use the proceeds of this round to hire fresh talent, build its technology and scale across categories by providing various types of raw materials on its marketplace.
Ahsan Ali Khan, co-founder and CEO of Zaraye commented: “We aim to strengthen the backbone of the country’s economy by helping the entrepreneurs in finding avenues to optimize and scale. Zaraye will help our partners to compete locally and globally as they find more savings in time and money to create the best products. With the confidence of amazing investors in Zaraye, we are geared to supercharge our mission to reach millions of users.”
Faisal Aftab, Managing Partner & Co-Founder of Zayn Capital BitRate Fund commented: “Procurement in the manufacturing industry is a massive problem with similar models showing immense success in comparable markets. We believe in the Zaraye team and their capabilities in solving this problem in Pakistan. We’re super excited to be a part of their journey.”
Hashair Junaid Ahmedani, co-founder of Zaraye added: “Small and medium business owners have been trapped in a cycle of high competition and lack of financing options- Zaraye aims to help these businesses scale as they find the efficiencies in procurement and financing options to make better decisions for their businesses.”
Taha Iqbal Teli, co-founder of Zaraye said “Our goal is to help these entrepreneurs focus on manufacturing and selling their products. Zaraye will handle the entire procurement process, all the way from getting quotes, assuring quality, delivering to their doorsteps with any after-sales assistance our partners might require. As we build great solutions for our customers, we are always on the lookout for great talent and I would encourage everyone who feels passionately about building solutions at scale that make lives easy and loved by customers to apply away.”
Brainchild of university friends
Zaraye was founded in 2021 by three university friends Taha Iqbal Teli, Hashair Junaid Ahmedani and Ahsan Ali Khan. They worked together at multiple instances throughout their academic and professional careers.
Zaraye is available across platforms with their iOS, Android and web app. The platform helps buyers of raw materials connect with multitude of suppliers who furnish their quotes in real-time making the process faster and hassle free.
What’s more, the Pakistani startup helps manufacturing businesses procure raw materials and finance the working capital. Currently, it serves clients across textile and construction industries, with over 300 partners and suppliers across 20 cities.
Simplifies raw material procurement
Usually, a manufacturer would connect with intermediaries or directly with the suppliers via a tedious process of going through multiple phone calls, and wait for them to furnish rates. This process is longer, tedious and brings very limited options for the buyers to make a decision.
This is what Zaraye resolves as it lets buyers of raw materials simply post their requirements for the required product and the relevant suppliers can furnish quotes in real time making the information for buying decisions quick.
The suppliers can access consolidated demand volumes with the vast network of buyers on Zaraye’s platform. Zaraye revolutionises the process with its reverse-bidding platform, which assures the best prices and highest quality of raw materials.