Sary, a B2B eCommerce platform, has bought a stake in Jugnu, leading its $22.5 million Series A round, the Riyadh, Saudi Arabia-based company announced in a Thursday (March 24) press release.
The transaction was funded by a $75 million Series C financing. This investment marks Sary’s expansion into Pakistan. It operates Middle East, North Africa and Pakistan (MENAP).
“Supply chain fragmentation is a persistent issue across emerging markets, leaving local businesses in a disadvantageous position,” said Sary Co-founder and CEO Mohammed AlDossary in the release.
Following Sary’s strong growth in Saudi Arabia last year, the company said its focus in 2022 has been to accelerate its regional consolidation strategy and bridge efficiency gaps in B2B sales in MENAP, he added.
Earlier this month, Sary acquired Mowarrid, a B2B food and grocery marketplace in Egypt. The deal represented a strategic move for Sary’s expansion into North Africa, where it plans build a regional network.
Read more: Sary Expands to Africa With Acquisition of Egyptian B2B Platform Mowarrid
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Mowarrid represents a great opportunity for Sary, the company said at the time. The overall value of the wholesale and retail market in Egypt is $60 billion.
To date, Sary has closed on $112 million in funding. Both deals reportedly have brought it closer to becoming the gateway to enable frictionless commerce between producers and businesses in MENAP.
Jugnu’s goal is to drive social and economic empowerment for small businesses in Pakistan. Its B2B platform channel supplies from large suppliers and manufacturers to small and medium-sized businesses (SMBs).
Today, Jugnu has more than 30,000 SMBs and has grown to a team of more than 100 industry veterans and young innovators, per the release. The B2B market in Pakistan is valued at $100 billion, the company said.
“We’ve established a foothold in our existing operating cities with a rapidly growing customer base,” Sary Co-founder and CEO Jugnu Sharoon Saleem said in the release.
