History
2022: Raising $15 million in investments from Veon Venture Fund
On June 14, 2022, the telecommunications holding Veon announced a $15 million investment in the Pakistani e-commerce platform Dastgyr. The funding round was led by Veon Ventures Fund in conjunction with Zinal Growth, DEG, Khwarizmi Ventures, OTF Jasoor Ventures, Cedar Mundi Ventures, Reflect Ventures, Century Oak Capital, Haiti Global, GoingVC, Astir Ventures, K3 Diversity Ventures, Calendar Foundation, Quonip Capital, Quandyindia founders DoorDash
The deal is Veon Ventures' largest investment in a Pakistani startup and reflects the group's commitment to growing the region and growing Pakistan's digital economy. Veon said in a statement that the investment will boost the e-commerce market in Pakistan.
Dastgyr is the operator of an online b2b market designed to offer goods of various categories. The company's marketplace makes it easier for retailers to purchase a variety of products from a variety of local and international merchants, allowing retailers and businesses to receive goods from manufacturers, brands and wholesalers on a single platform. Partners on the platform include Coca-Cola, Nestle and Reckitt.
Dastgyr will remain an independent entity, with Veon Ventures taking a minority position. The new investment round will support the expansion of Dastgyr in 15 cities in Pakistan, along with the existing network in Karachi, Lahore, Sialkot and Gujranwala.
 | As part of Veon's transformation into a digital operator providing an increasing range of services to our customers, we are investing in leading digital companies such as Dastgyr in the countries where we operate. These investments are the building blocks of the digital ecosystem that will enable us to execute our strategy, "said Mohd Khayril Abdullah, Chief Executive Officer of Veon Ventures. |  |
| | Pakistan, with its rapidly growing digital sector, is a key market for Veon. By combining Dagstyr's e-commerce business with Jazz's communications network and JazzCash's mobile payment platform, we are catalyzing the growth of digital services in Pakistan. This will be facilitated by the digital banking services we plan to provide, "said Mohd Khairil Abdullah, chief executive of Veon Ventures.[1] | |
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