VEON Ventures Makes $15m Series A Investment in Dastgyr

Published: Jun. 14, 2022 at 12:00 AM CDT|Current: 24 minutes back

Offer expands VEON’s investments in Pakistan’s electronic economy

AMSTERDAM, June 14, 2022 /PRNewswire/ — VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a international electronic operator that presents mobile connectivity and providers, announces these days that the Group’s VEON Ventures division has accomplished a US$ 15 million financial commitment as element of a Sequence A spherical for Dastgyr, a Pakistan-primarily based B2B e-commerce marketplace system. This financial investment will contribute to boosting Pakistan’s e-commerce current market.

Dastgyr presents enterprises a one-prevent-store application that connects hundreds of vendors with suppliers to give them entry to actual-time visibility on pricing and funding rates. Platform associates have bundled Coca-Cola, Nestle, and Reckitt.

“As component of VEON’s transformation into a electronic operator that provides a escalating range of solutions to our clients we are investing in leading digital providers like Dastgyr in the countries where by we run. These investments are the constructing blocks of the digital ecosystem that will permit us to deliver on our tactic,” explained Mohd Khairil Abdullah, CEO of VEON Ventures. “Pakistan, with its promptly rising electronic sector, is a crucial current market for VEON. By bringing alongside one another Dagstyr’s e-commerce enterprise with Jazz’s communications network and JazzCash’s cell payments platform, we will catalyse progress in electronic services in Pakistan. This would be further enhanced by the digital banking expert services that we have ambitions to give.”

The deal is VEON Ventures’ greatest financial investment in a Pakistani commence-up and displays the Group’s ongoing determination to the region and to the development of Pakistan’s digital financial system.

“Pakistan’s begin-up ecosystem is at a critical juncture and only startups centered on addressing vital difficulties and adopting localized remedies will survive and thrive,” included Aamir Ibrahim, CEO of Jazz. “This financial commitment highlights VEON’s motivation to scaling up Pakistan’s digital financial system and offers Dastgyr with a system to construct synergies with Jazz’s subscriber foundation of 75 million and with JazzCash, further integrating the startup into Pakistan’s fintech ecosystem.”

Dastgyr will continue being an independent entity, with a minority situation becoming taken by VEON Ventures. The new financial investment round will support Dastgyr’s growth into 15 new metropolitan areas in Pakistan, together with its existing network in Karachi, Lahore, Sialkot and Gujranwala.

“We are thrilled to accomplish this milestone in the latest global financial environment,” reported Zohaib Ali, co-founder of Dastgyr. “We welcome the new buyers to the Dastgyr relatives as we proceed to do the job relentlessly toward our eyesight of making an AliBaba for emerging marketplaces worldwide. We’re fortunate to have uncovered strategic partners who imagine in our mission and have exhibited unwavering faith in our staff. Fiscal inclusion, which is central to the startup’s mission, will uplift and empower Pakistan’s small- and medium-sized retail entrepreneurs, possibly unlocking up to an added US$ 10 billion for the country’s GDP, in accordance to our estimates.”

VEON Ventures’ investment  in Dastgyr Series A funding was created alongside Zinal Development, DEG, Khwarizmi Ventures, OTF Jasoor Ventures, Cedar Mundi Ventures, Replicate Ventures, Century Oak Capital, Haitou World wide, GoingVC, Astir Ventures, K3 Variety Ventures, Chandaria Cash, together with the founders of Assets Finder, Ayoconnect, Quiqup and senior management from DoorDash.

About VEON  
VEON is a NASDAQ- and Euronext Amsterdam–listed a global electronic operator that gives cell connectivity and service serving 9 countries that alongside one another are home to 9% of the world’s inhabitants. Our organizations are reworking existence via technological know-how-driven products and services that empower possibility in some of the world’s fastest-rising rising markets.

For extra information, take a look at: https://www.veon.com

Disclaimer 

This release consists of “forward-on the lookout statements,” as the phrase is defined in Portion 27A of the U.S. Securities Act of 1933, as amended, and Section 21E of the U.S. Securities Exchange Act of 1934, as amended. Ahead-hunting statements are not historic information, and consist of statements relating to, between other items, VEON’s investments in Pakistan and VEON Ventures’ tactic. Ahead-hunting statements are inherently matter to threats and uncertainties, quite a few of which VEON cannot forecast with precision and some of which VEON could not even anticipate. The ahead-hunting statements contained in this launch communicate only as of the day of this release. VEON does not undertake to publicly update, except as necessary by U.S. federal securities regulations, any ahead-on the lookout assertion to reflect activities or circumstances immediately after this kind of dates or to reflect the occurrence of unanticipated occasions.

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