B2B eCommerce Platform Sary Expands to Pakistan With Stake in Jugnu

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

Mowarrid, with more than $60 billion in revenues, represents a great opportunity for Sary, the company said at the time.

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- to medium-sized businesses (SMBs).

Today, Jugnu is valued at $100 billion. It has more than 30,000 SMBs and has grown to a team of more than 100 industry veterans and young innovators, per the release.

“We’ve established a foothold in our existing operating cities with a rapidly growing customer base…” said Sary Co-Founder and CEO Jugnu Sharoon Saleem in the release.