InstaMall, an e-commerce marketplace, has received seed investment from a Pakistani business Arif Habib Group and aims to create a strong online marketplace and remove the main obstacles facing the e-commerce sector in Pakistan.
InstaMall received initial funding from Aref Habib Group, according to a statement issued by the startup, but the statement did not disclose the number of funds received.
InstaMall is founded by two brothers, Hashaam Riaz Sheikh (former Citigroup investment banker) and Basit Riaz Sheikh (Ph.D. at Cornell and certified expert in artificial intelligence (AI), in September 2020. The two brothers worked previously in communications and technology, media and finance, and has now entered the e-commerce space in Pakistan.
InstaMall claims that despite the widespread adoption of mobile phone and broadband, Pakistan has one of the worst e-commerce sectors, accounting for only 1% of the country’s total retail market. The statement also added that, unlike other online sites, only original products from top Pakistani brands will be sold here, and the focus will be on prompt delivery of orders.
Dr. Basit Riaz Sheikh, InstaMall Co-Founder and COO, said:
InstaMall is essentially a technology company that uses a sophisticated range of artificial intelligence technologies to effectively overcome the hurdles plaguing the e-commerce sector of Pakistan. Our strong growth and positive customer feedback demonstrate the value of our platform and confirm that it has solved a major problem in the market.
Hashim Riaz Sheikh, Co-Founder and CEO said
Arif Habib knows the Pakistani business sector well. Securing InstaMall funding from one of the country’s most respected entrepreneurs is beneficial for entire e-commerce sector in Pakistan. This funding will help InstaMall expand its platform to expand products and serve more customers as we transform InstaMall into the leading e-commerce platform in the region
Pakistan has seen spectacular growth in e-commerce and digital platforms in recent years, and Daraz is currently the market leader. The technology sector in Pakistan has also attracted domestic and international investment capital in recent years, with many investments only being made in 2020. However, Pakistan’s e-commerce market is plagued with counterfeiting issues, poor customer service. customer and delivery delays due to weak physical and digital infrastructure.
However, according to research firm Statista, Pakistan e-commerce market revenue is expected to reach $ 5.409 billion in 2021. Meanwhile, the annualized revenue growth rate (CAGR 2021-2025) is expected to is 7.55 percent. As a result, the projected market size will be $ 7,236 million by 2025.
As of 2021, the largest segment of the ecommerce market was fashion, with an estimated market size of $ 3.893 million, and average revenue per user is projected to reach $ 105.22.
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