Source: Daily times
Lahore-based fashion e-commerce startup, Clicky, closed USD 700,000 in a Pre-Series A round of funding. Former executives from Amazon MENA region as well as Xiaomi along with few other angel investors participated in the round.
Founded in 2016 by Muhammad Khalid & Syed Shahzad, Clicky.pk is Pakistan’s top fashion-focused marketplace and retail startup. Having known each other for 15 years, the founders go back to the Manchester Business School, with extensive working experience in the Middle East. Asif Keshodia, former MENA Executive of Souq.com and one of the key investors in this round said, “I am thrilled to be a part of this startup in Pakistan.
Earlier investors of Clicky.pk include Souq.com and Fatima Ventures. Representing the local investor on the Board of Clicky.pk, Ali Mukhtar from Fatima Ventures said, “Khalid and Shahzad have been building a focused e-commerce business and we are excited to see how this investment will bring opportunities for local brands and private labels to grow and provide a high-quality fashion retail experience to Pakistani consumers.”
Pakistan’s e-commerce market value has crossed USD 1 billion, with an average pre-paid order value of USD 27.8 in 2019. Fashion & apparel remains one of the top three categories of e-commerce in the country. Search insights from Google also tell the popularity of women’s wear, with 89% of Pakistani consumers researching fashion products online before purchasing.
The fashion industry in the country is projected to grow its revenue by USD 5 billion in the next three years.