Tiger Global backs Pakistan’s B2B procurement and financing platform Zaraye in $2.1m round
Summary
In September 2021, Ahsan Ali Khan, Hashair Junaid, and Taha Iqbal envisioned making procurement of raw materials for buyers and sellers efficient and founded Zaraye. This helps businesses procuring raw materials achieve cost efficiencies which are crucial for surviving and thriving in the thin net margin industries they operate in. Today, Zaraye announced raising $2.1 million in a pre-seed round led by Tiger Global, which has earlier made investments in Pakistan in Bazaar and CreditBook. OfBusiness, the Indian equivalent of Zaraye, is backed by Tiger Global and SoftBank, and is now set to raise $2 billion in what is going to be one of the biggest tech IPOs in India. The suppliers of that product post rates at which they would sell, giving the buyer the option to choose from the best available prices in a transparent manner, instead of just relying on a broker.