Karachi based quick delivery startup in Munchies proceeded on to announce yesterday that it managed to raise a huge sum in $2.5 million courtesy of strategic investors – which include of course Unilever as well as VentureDive – hence making it the third-largest pre-seed investment we have seen in the history of Pakistan.
Only fintech startup in TAG innovation Pvt and Truck It In, a road freight solutions platform have actually managed to raise amounts higher than seen with respect to what munchies has managed as far as pre-seed rounds go – this all in accordance with data complied by CrunchBase website.
Munchies happens to be in market for catering the snacking world and also positions itself as a “one-stop solution for impulse buying” – as its CEO puts it. The company started its operations just a couple months back and happens to be in the process of focusing on the retail segment present in Karachi – where there are an estimated 20 million people present as well as a bulging youth population.
Its plans include the utilization of funds so as to establish dark stores – which of course is a retail distribution center which is in the process of catering exclusively in terms of online shopping – and warehouses.
A company statement said : “The pilot prior to the incorporation was successful enough to warrant a full-scale investment as well as life at its own legal entity.”
The CEO and co-founder of Munchies in Saad Fazil of course happens to be a rather well-known man, as he was also managing director as well as the co-founder at VentureDrive and was responsible for leading design and engineering teams at Careem as well prior to him co-founding Munchies. Recently, he claimed that the company has indeed been registering volume close to the level of a few startups that have been funded in the more recent times.