Jabbar Internet Group invests in GrocerApp
Dubai-based Jabbar Internet Group has led in Pakistan-based GrocerApp’s $1 million seed round, marking the group’s first-ever investment in Pakistan.
Other investors in the round include Asif Keshodia, Middle East’s Nama Ventures, Nader Group, Karavan Ventures and 7Vals, along with participation from existing shareholders.
Jabbar’s founders Samih Toukan and Hussam Khoury have been behind some of the most significant startups and exits in the Middle East including Maktoob which was acquired by Yahoo in 2009 and Souq.com, which was acquired by Amazon in 2017 for $680 million.
This round comes on the heels of Delivery Hero’s acquisition of Jabbar’s InstaShop in a $360 million deal last week.
“We see great potential in Pakistan for technology businesses. To seize the opportunity, we have made our first investment in Pakistan in GrocerApp because of our confidence in the business and resilience of the co-founders. We are determined to see GrocerApp grow even further, now that the Pakistani market is ripe for a digital revolution,” said Toukan.
Asif Keshodia, who also oversaw Souq’s acquisition by Amazon, said: “The size of grocery e-commerce in Pakistan is around $48 billion. It is a huge market with great potential for e-commerce companies to grow. GrocerApp has shown that promise and I am thrilled to become a part of an amazing team that is leading this company. Collectively, the investors bring weights of experience in e-commerce which is going to help the company soar to new heights. It is also going to develop the overall e-commerce market in Pakistan and I look forward to this exciting journey ahead.”
Co-founded in 2016 by Ahmed Saeed, Hassaan Sadiq, and Bilal Zafar, GrocerApp allows users to order from a wide variety of groceries, fruits, vegetables, dairy and baby products and delivers them to their doorstep.
”GrocerApp is equipped with sophisticated technology, smart fulfilment centres and efficient logistics network that makes it the leading e-grocer in Pakistan. With our recent funding injection, we are going to invest more to make our supply chain more efficient, and expand into other cities,” said Ahmed Saeed, CEO at GrocerApp.