Krave Mart, a grocery delivery startup, has raised $6.25 million in funding to help the company reach profitability by 2024. The funding round is the third-largest in Pakistan for the year and included investors like Y Combinator, Keisuke Honda, JAM Fund, Rebel Fund, and others. Despite a drop in funding for Pakistan startups, Krave Mart is confident in its ability to succeed and has launched private label products to boost profit margins.
The startup ecosystem in Pakistan has faced challenges with a decline in fundraising and shutdowns of some operations. During the April-June 2023 quarter, Pakistan startups attracted only $5.2 million, a significant decrease from previous years. However, Pakistan’s caretaker IT minister, Dr Umar Saif, has expressed commitment to helping the country attract funding with the launch of the ‘Pakistan Startup Fund’.
For additional information and updates, you can visit the following external links:
– [Bloomberg – Krave Mart Funding News](https://www.brecorder.com/news/card/40271538)
– [Record-breaking 2021 for Pakistan startups](https://www.brecorder.com/news/40144630)
– [Shutdowns and cut-backs in startup operations](https://www.brecorder.com/news/40252732/after-raising-115mn-last-year-medznmore-says-it-has-shut-operations)
– [Massive fall in startup funding](https://www.brecorder.com/news/40250825/pakistans-startup-funding-suffers-massive-fall-in-april-june)
– [Dr Umar Saif’s commitment to help attract funding](https://www.brecorder.com/news/40269042/in-dubai-dr-umar-saif-was-a-man-with-a-few-missions)
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