June 14, 2022 – VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a multinational digital operator offering mobile connections and services, declares today that its VEON Ventures subsidiary has invested USD 15 million in Dastgyr, a Pakistan-based B2B e-commerce marketplace platform, as part of a Series A transaction. The Pakistani e-commerce market will benefit from this investment.
The agreement, which represents the Group’s sustained commitment to the area and to the development of Pakistan’s digital economy, represents VEON Ventures’ most significant investment in a Pakistani startup.
VEON Ventures will hold a modest minority stake in Dastgyr, which will continue to be a standalone organization. Along with its current network in Karachi, Lahore, Sialkot, and Gujranwala, Dastgyr’s growth into 15 additional Pakistani cities would be supported by the latest financing round.
Businesses can use Dastgyr’s one-stop-shop application to connect with thousands of suppliers and retailers, giving them access to real-time price and financing information. Coca-Cola, Nestle, and Reckitt have all been platform partners.
What the founders have to say:
Zohaib Ali, co-founder of Dastgyr:
“In the current state of the world economy, we are happy to have reached this milestone. We warmly welcome the new investors to the Dastgyr family as we keep pushing forward with our goal of creating an Alibaba for all emerging markets worldwide. We are fortunate to have discovered strategic allies who share our values and have shown unflinching faith in our group. According to our estimations, financial inclusion, a key component of the startup’s goal, will empower and uplift Pakistan’s small- and medium-sized retail business owners, potentially releasing an additional US$ 10 billion for the nation’s GDP.”
What the investors have to say:
Mohd Khairil Abdullah, CEO of VEON Ventures:
“As part of VEON’s transformation into a digital operator that offers a broad range of services to its clients, the company is investing in top digital firms like Dastgyr in the nations where it conducts business. The digital environment that will allow us to carry out our goal is built on the foundation provided by these investments.
Pakistan is an important market for VEON because of its fast-expanding digital industry. We will stimulate growth in digital services in Pakistan by integrating Dagstyr’s online store with Jazz’s communications network and JazzCash’s mobile payment system. The digital banking services we hope to offer would improve this even more.
Aamir Ibrahim, CEO of Jazz:
“The startup ecosystem in Pakistan is at a crossroads, and the only firms focused on tackling major issues and implementing regional solutions will survive and prosper. Dastgyr now has a platform to develop synergies with Jazz’s 75 million subscribers and JazzCash, further integrating it into Pakistan’s fintech ecosystem. This investment demonstrates VEON’s commitment to expanding Pakistan’s digital economy.
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