The Karachi-based online grocery store has earned funding of a total of $12 million since its launch. Krave Mart has recently got the largest funding of $6 Million, which is added to their overall funding. This funding is being considered as the third largest funding of Pakistan round of the year as per the circulating news.
But how does a startup that started just two years ago can build up funds worth up to 12 million dollars? To find this, we need to see the backstory of Krave Mart, how, when, and who created it, and how this startup became one of the leading online grocery stores in Pakistan.
In this modern era, Q-commerce, after the global pandemic, has taken over the world, and everything is just a tap away. The concept of online shopping and grocery stores has now become normal. Pakistan is ranked as the 46th largest market for online shopping, with a revenue of up to 4 billion dollars. Keeping all of this in mind, an idea for creating an online grocery store that provides groceries, fruits, vegetables, beverages, and other personal care items emerged in the minds of the founders of Krave Mart.
Founders of Krave Mart:
Kassim Shroff, Hammad Bawany, Ahsan Kidwai, and Haziq Ahmed are the founders of Krave Mart. They all completed their degrees in business administration from different universities, and all of them worked with various big brands such as Daraz, Food Panda, etc. After the pandemic shook the world to its core, and when the need for q-commerce emerged in December of 2021, they started Krave Mart as a small startup.
More than groceries – what is Krave Mart:
Krave Mart is a startup that is an online grocery store that not only delivers groceries but everyday essentials, health care essentials, beauty products, and personal care items. They promise to deliver everything in 10 minutes.
Krave Mart is currently operating in 5 big areas of Karachi and is planning to expand in 12 others, providing convenience to the people of Karachi. The mart has around 20 dark stores in Karachi, Lahore, and Rawalpindi.
The primary goal of Krave Mart:
“Krave mart aims to save the valuable time of people that they would waste by going to neighborhood grocery stores, and to provide them quality products in under 10 minutes.”
The need for Q-commerce has risen ever since the pandemic has hit the world. However, if we talk about Pakistan, in Pakistan, during the time of the pandemic, many startups were set up, such as airlift, etc., so what competitive advantage does Krave Mart have so that they can compete in this market? Well, the answer to this question was given by the CEO of Krave Mart, Kassim Shroff; he said that the team of Krave Mart is diverse and people from different companies are part of it, such as Daraz, Food Panda, Careem, and others, who are well aware of this market which gives them advantage over others. Moreover, the other thing that makes them stand out among others is their delivery time, which is just 10 minutes. This commitment of Krave Mart has helped them to attract tons of loyal customers.
Funds that are raised by Krave Mart:
Krave Mart is the first startup in Pakistan to raise a fund of $6 Million and a total fund of 12 million dollars. The main funders of Krave Marts in the pre-seed funding round were China’s MSA Capital, Russia’s ru-NET, Mehta Ventures, Jeddar Capital, and many others.
What are the plans of Krave Mart:
The future goals of Krave Mart are to expand its services in different South Asian countries like Sri Lanka, Nepal, Bangladesh, and others. Moreover, they are planning to set up more dark stores in different geographical locations so that many people can take advantage of their services.
As per the CEO of Krave Mart, Kassim Shroff he says that the delivery time of 10 minutes provided by Krave Mart will be the game changer in this industry, as it has set the bars too high for the competitors. For all the players to come in the q-commerce landscape.”
In conclusion, we can say Krave Mart holds a strong position in the online grocery store services of Pakistan, especially in Karachi. Their 10-minute delivery time has made them stand out among their competitors. The future goals of the CEO of Krave Mart show that very soon, Krave Mart will become one of the leading brands in Pakistan’s Q-Commerce industry.
Explore more interesting articles here: Storieslap.com
Leave a comment