According to the founders of Zaraye, obtaining raw materials is a big source of frustration for Pakistan’s manufacturers, who must make numerous phone calls to suppliers while waiting for costs to be determined.
A new round of pre-seed funding of $2.1 million has been raised by the firm, which operates a platform that links manufacturers directly with suppliers. The funding was provided by Tiger Global and Zayn Capital. For Tiger Global, this is the first time the company has made a pre-seed investment in a Pakistani company. Others who have invested in Careem include +92 Ventures, Alan Rutledge, Jack Rizvi, as well as current and former Careem workers.
Taha Iqbal Teli, Hashair Junair Ahmedani, and Ahshan Ali Khan, who attended the same high school, came up with the idea for the company in the late 2021. In addition to raw supplies, Zaraye provides working capital to manufacturing enterprises in the form of loans. It presently services the textile and construction industries, and has more than 300 partners and suppliers spread over around 20 locations in the United States.
During their time together at Careem, Swvl, and other companies, Teli and Khan made friends with Ahmedani’s family, who worked in the traditional manufacturing industry. For decades, the manufacturing sector in Pakistan has been running with just modest advances, with WhatsApp being the only major change in the way operations have progressed.” “Zaraye is determined to change that,” Khan stated.
