Friday, November 22, 2019

Yayvo to compete arch rival Alibaba in Pakistan

Featured

Islamophobia: Pregnant Muslim woman crushed, trampled in Australia

Islamophobia: A man in Australia is accused of beating and stomping on a pregnant woman in what the country's...

Impeachment inquiry: Why Ukraine needs US military assistance

The American military assistance to Ukraine is at the center of the impeachment inquiry against Donald Trump. The Democrats...

Video: SpaceX Starship prototype explodes during test

The projects of SpaceX are undergoing considerable development and Elon Musk's company continues to conduct tests to evaluate progress....
Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

The e-commerce retail company has recently appointed consultants to help with the fundraising with seeking investors, Yayvo’s head, Adam Dawood, said in an interview in Karachi last week. Yayvo aims to start meeting with potential investors in the Middle East and China next month, said Dawood.

Yayvo, Pakistan’s second-largest online retailer, is planning to bring in new investors amid competition from Alibaba Group Holding Ltd.

Dawood said “We want to bring in experts who can help us grow faster and bring in more money to the point that we can grow much, much faster,” he said. “We are actually looking for the right investors who can come in, be very strategic investors, who can help out with our future plan.”

Yayvo’s valuation before the fundraising is estimated at around $100 million, people with knowledge of the matter said, asking not to be identified because the information is private. Dawood declined to comment on the company’s valuation.

Pakistan’s rising middle class and young population have turned it into one of the world’s fastest-growing retail markets. Alibaba, backed by Chinese billionaire Jack Ma, last year bought Yayvo’s larger domestic rival Daraz, which is also active is Bangladesh, Myanmar, Sri Lanka and Nepal.

Yayvo, founded in 2014, sells more than 150,000 products from detergent to mobile phones and televisions on its website. Its current shareholders also own Pakistan’s largest logistics company TCS, Yayvo’s website shows. TCS has a network of more than 950 outlets that make about 500,000 deliveries a day.

Courtesy: Faseeh Mangi, Vinicy Chan of Bloomberg

Zubair Yaqoob
Zubair Yaqoob
The author has diversified experience in investigative journalism. He is Chief content editor at wnobserver.com He can be reached at: [email protected]

Latest News

Islamophobia: Pregnant Muslim woman crushed, trampled in Australia

Islamophobia: A man in Australia is accused of beating and stomping on a pregnant woman in what the country's...

White House: Trump wants Senate trial

President Donald Trump wants the impeachment trial to go ahead in the Senate because he will be treated fairly there, and he expects Democratic...

Pompeo urged Iranians to send evidence of government abuse against protesters

US Secretary of State Mike Pompeo has called on demonstrators in Iran to send any videos, photos and information that may document the authorities'...

Trump signs federal spending project to avoid government shutdown

US President Donald Trump has signed a tentative consensus agreement on federal spending that will run until Dec. 20, with the aim of avoiding...

British Airways cancels some flights on technical glitches

British Airways has canceled some of its flights due to a technical problem. The technical problem has led to a disruption in the movement of...
- Advertisement -

Related News