Betatron Venture Group has invested $1 million in Pakistani wholesale distributor 24Seven, marking the first investment from the investment firm’s fourth fund, BVG IV.
24Seven began as a food business that sold directly to consumers. During Pakistan’s Covid-19 lockdowns, it built a B2B channel to serve the country’s 2 million kiranas (mom and pop businesses).
24Seven’s co-founder and CEO, Jarrar Shah, said the additional funds would be used to expand to new locations and launch ApniDukan, a service that rebrands numerous kiranas into a single, unified brand experience.
Currently, store-specific data from 24Seven aids in the ordering process for up to 80% of a store’s inventory. Shop owners benefit from cheaper costs as well as the ability to better manage their cash flow with financing.
24Seven claims that its B2B company is expanding at a rate of over 40% per month, with yearly sales of approximately $50 million. “They’re digitizing a large, traditional industry with a business model that is growing fast and can adapt to the stresses of climate change,” he added.
24Seven epitomizes the sort of business that Betatron likes to invest in, according to Arshad Chowdhury, the managing partner.
Betatron is a Hong Kong and Singapore-based early-stage technology investor. In seed through series A rounds, the BVG IV fund generally invests between $500,000 and $2 million.