ISLAMABAD, Jun 14 (APP): VEON, a global digital operator providing mobile connectivity and services, announced on Tuesday that the Group’s VEON Ventures division had completed a US$ 15 million Series A investment in Dastgyr, a Pakistan-based B2B e-commerce marketplace platform.
The deal is VEON Ventures’ largest investment in a Pakistani start-up and reflected the Group’s continued commitment to the region and growth of the digital economy of Pakistan, said a news release.
The investment positions Dastgyr to take advantage of VEON’s global expertise and its operating company, Jazz’s distribution network and digital payment solutions via JazzCash.
“Pakistan’s start-up ecosystem is at a critical juncture and only start ups focused on addressing key challenges and adopting localized solutions will survive and thrive,” Aamir Ibrahim, Chief Executive Officer (CEO) of Jazz, said.
He said the investment highlighted VEON’s commitment to scaling up Pakistan’s digital economy and provided Dastgyr with a platform to build synergies with Jazz’s subscriber base of around 75 million and with JazzCash, further integrating the start up into Pakistan’s fintech ecosystem.
“As part of VEON’s transformation into a digital operator that delivers a growing range of services to our customers, we are investing in leading digital companies like Dastagyr in the countries where we operate. 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 the growth in digital services in Pakistan. This would be further enhanced by the digital banking services that we have ambitions to provide, ” he remarked.
“We are thrilled to achieve this milestone in the current global economic environment,” said Zohaib Ali, co-founder of Dastgyr.
He said financial inclusion, which was central to the startup’s mission, would uplift and enable Pakistan’s small- and medium-sized retail entrepreneurs and unlock up to an additional US$ 10 billion for the country’s GDP, according to our estimates.”
Dastgyr offers businesses a one-stop-shop application that connects thousands of retailers with suppliers to give them access to real-time visibility on pricing and financing rates.
Dastgyr will remain an independent entity, with a minority position being taken by VEON Ventures. The new investment will support Dastgyr’s expansion into 15 new regions of Pakistan, alongside its existing network in Karachi, Lahore, Sheikhupura and Gujranwala.
VEON Ventures’ investment in Dastgyr Series A funding was made alongside Zinal Growth Partners , DEG, Khwarizmi Ventures, Oman Technology Fund, Cedar Mundi Ventures, Reflect Ventures, Century Oak Capital, Haitou Global, GoingVC, Astir Ventures, K3 Ventures, Chandaria Capital, along with the founders of Property Finder, Ayoconnect, Quiqup and senior management from DoorDash.

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