Pakistan Startup Raises Funds in Quest for Profitability (1)

Delivery startup Krave Mart raised Pakistan’s third-largest funding round for the year, saying the proceeds will help it reach profitability next year.

The Karachi-based company raised the $6.25 million round over the past year, Chief Executive Officer Kassim Shroff said in an interview. Investors participating included Y Combinator, football manager and former player Keisuke Honda, Zayn Capital,JAM Fund, Rebel Fund, Decart Ventures and Conjunction Capital.

Krave Mart workers collect items at one of the company’s dark stores in Karachi, Pakistan.

Photographer: Asim Hafeez/Bloomberg

Pakistan’s startup economy is experiencing a drought along with global technology companies after a couple of years of record fundraising. Funding dropped by about 90% in Pakistan in the ...