UAE’s Tricap invests in Pakistan's Clicky
UAE-based Tricap Investments has participated in the $2.3 million pre-Series A round of the Pakistan-based e-commerce Clicky. Former Souq CFO Asif Keshodia, UAE-based CSHL, Careem executives and a few other angel investors in the UAE also participated in the round.
Founded in 2016 by Muhammad Khalid and Syed Shahzad, Clicky offers fast fashion products with a focus on apparel, footwear, and accessories, provided by local manufacturers, international brands, and white labels.
The new funding will help Clicky add more categories and SKUs to its online store, and bring international fashion trends to its customers in Pakistan.
Lahore-based fashion e-commerce retail & marketplace Clicky has raised $2.3 million in a pre-Series A round, led by early-stage investors in UAE and Pakistan. Notable among them are Tricap Investments, Asif Keshodia, UAE based CSHL, Careem executives and a few other angel investors in the UAE.
Founded in 2016 by Muhammad Khalid & Syed Shahzad, Clicky offers trending fast fashion products with a focus on apparel, footwear, and accessories. The e-commerce platform works with diverse local manufacturers, international brands, and white labels.
Fatima Ventures and Souq - acquired by Amazon in 2017 - have also invested in earlier rounds of Clicky. This recent investment adds up to the previous funding of $700,000 raised by the startup in December 2020. Since then, the company has been experiencing growth of over 20 per cent month-on-month and has grown the business 4x in less than a year. This growth has been driven by their private labels and curated fashion retailers.
Clicky has launched over five private labels across footwear and apparel, directly working with 20+ manufacturers. With this new funding, it aims to scale these labels, through working tightly with manufacturers and fashion designers. The vision is to serve ultra-fast fashion, where 1000+ designs are launched every day. With the post-pandemic challenges and the uncertainty of dollar value, building a sustainable local supply chain has massive value.
Clicky will be introducing more categories, adding 3000-5000 new SKUs per month, bringing a vast selection of designs to its customer base. It aspires to bring the customer experience and design assortment of online fashion destinations launched in other markets such as Asos in the UK, Net-A-Porter in France, Zalando in Germany, and Namshi in the Middle East to its customers in Pakistan.
Sharing his support for the startup, Partner, Tricap Investments - Suleman Soorani shared, “We are happy to become part of Clicky’s journey to create Pakistan’s largest fashion e-commerce platform. We are particularly impressed with Khalid and Shahzad’s perseverance, ambition, grit, and eagerness to learn and believe they have all the qualities to make Clicky one of the largest technology success stories out of Pakistan and a major disruptive force in the fashion retail and e-commerce space”
Another key focus of this marketplace is to improve the customer experience by introducing state of the art fulfilment and returns & replacement processes to bring more trust on online shopping. Part of the previous investment has also been used to set up and improve fulfilment centres across Pakistan, enhancing customer experience. Currently, Clicky has a warehouse fulfilment centre of 25,000 sq ft, one of the largest in the country.
Sharing the vision for the next lap, both Khalid & Shahzad shared, "Our investors have shown great confidence in us and the Pakistani e-commerce landscape. We are tapping a massive opportunity in fashion retail, and are excited to support local manufacturers for our private labels and also introduce international brands to provide a high-quality experience to our customers. We believe things have moved from fast fashion to ultra-fast fashion. Therefore, we are aiming to empower local manufacturers, designers, and third-party labels with the necessary technology and working capital support to capture this massive potential. These are great times working with local manufactures and creating value.”.
Asif Keshodia, an early-stage investor and former CFO of Souq.com, later acquired by Amazon, has been an early backer of Clicky. He shares,
“The Clicky team has proven that they have a high level of commitment and the resilience necessary to build a leading e-commerce destination for fashion and apparel in Pakistan. Their supply chain and sourcing model, which is predominantly local, is a unique point for customers while offering world-class fulfilment and experience. Clicky has built this model with efficient utilization of capital when resources were constrained, back when this market was not even on the roadmap of most investors.”