InstaMall secures pre-seed funding to build out a trusted online marketplace and fix the key obstacles facing Pakistan’s e-commerce market.
March 22, 2021 08:00 AM Pakistan Standard Time
Karachi, Pakistan: InstaMall (https://instamall.pk), a premier online marketplace, announced today that it has secured a pre-seed investment from Pakistan’s business magnate, Arif Habib, who is the Chairman of one of the largest business conglomerates of Pakistan, reports Dawn, The News, Profit, ProPakistani, and Business Recorder.
Pakistan has significant mobile and broadband penetration, yet it has one of the worst performing e-commerce sectors which comprises only one percent of the total retail market in the country. Counterfeit products, poor customer support, and delayed deliveries are some of the key obstacles hampering e-commerce adoption in Pakistan, as evident from extremely low net-promoter scores of existing e-commerce companies.
InstaMall is building a customer-centric and tech-enabled platform which consumers can throw their trust behind – InstaMall sells original products only and focuses on delivering orders promptly. InstaMall has secured a number of partnerships with leading fashion, cosmetics, footwear, electronics, and retail brands since its launch in September 2020. It will continue to build out its partnerships to encompass the best and leading names in the region. InstaMall is founded by brothers, Hashaam Riaz Sheikh (a former Citigroup investment banker) and Basit Riaz Sheikh (Cornell Ph.D. and a certified Artificial Intelligence (AI) expert), with prior collective working experience in leadership roles in telecom, technology, media, and finance sectors.
“InstaMall is essentially a tech company using a sophisticated AI-powered technology stack to efficiently overcome the obstacles that have long hampered Pakistan’s e-commerce sector. Our strong growth and positive customer feedback demonstrate the value of our platform and validates that it is solving a major pain point in the market.” Co-founder and COO, Dr. Basit Riaz Sheikh said.
“Pakistan is now in the early stages of its e-commerce life cycle and has a growing middle class who is seeking a trustworthy online marketplace that provides a seamless customer experience. InstaMall has a promising vision and strategy to offer quality shopping experiences parallel to those of the best platforms in the region.”, Arif Habib said.
“Mr Arif Habib has a deep understanding of the commerce sector of Pakistan. Securing funding for InstaMall from one of the most respected businessmen in the country is a boon to not only InstaMall but to the entire e-commerce sector in Pakistan. This funding will help InstaMall scale its platform to expand its products and to serve more customers as we grow InstaMall to become the premier e-commerce platform in the region.” Co-founder and CEO, Hashaam Riaz Sheikh said.
About Mr Arif Habib
Mr. Arif Habib is the Chairman of Arif Habib Group, a business conglomerate with holdings in multiple industries including financial services, fertilizers, cement, steel, renewable energy and real estate development.
He was also one of the first investors of Dolmen City Mall, Karachi, Pakistan’s first shopping mall of international standard. The Group also launched South Asia’s first Real Estate Investment Trust (REIT), and work is in progress for introducing more REITS in Pakistan.
Mr. Arif Habib was the President of Karachi Stock Exchange (six times) and a Founding Member and Chairman of the Central Depository Company of Pakistan. He has served on a number of governmental and regulatory commissions and is currently serving as a member an advisory committee to the Prime Minister on COVID-19 related economic issues.
For more information, please visit www.arifhabib.com.pk