May 12, 2022: Pakistan’s B2B e-commerce startup Jugnu has launched its Buy Now, Pay Later solution for SME retailers, said a press release issued today.
Part of the larger Sarmaya Partner Program, the BNPL solution is geared towards addressing the challenge posed by limited working capital and lack of financial inclusion for SME retail by offering easy access to credit. This announcement comes shortly after Jugnu entered a strategic alliance with Mena based B2B E-Commerce giant SARY, raising $22.5 million in its series A.
“We are always exploring innovative ideas to unlock the growth potential of small retail, and the BNPL feature presents an exciting addition to our growing list of retailer focused services – one that offers a practical, in-app solution to a well-established problem. With Sarmaya Partner Program, we can further our mission of SME enablement through data-driven lending and continue elevating retailers on the Jugnu app” said Sharoon Saleem, Co-founder and CEO of Jugnu.
Umair Farrukh, Jugnu’s Head of Finance who’s also leading this project further expanded on the vision for the Sarmaya Partner Program. “Through Sarmaya on a micro-level, we want to enable our customers to unlock growth in their businesses without being ruled by fear caused by uncertain access to capital while becoming their preferred option for stock procurement. This is what Sarmaya is – another reason to believe in Jugnu’s commitment towards lighting up livelihoods of SME.”
Jugnu was founded in 2019 with the singular goal of helping small and medium-sized enterprise (SME) owners realize their full earning potential by making business easy for them. With constant innovation, Jugnu has been able to accelerate its growth, directly covering an effective customer base of over 30,000 Kiryanas across Lahore, Rawalpindi and Islamabad with expansion to other major cities underway. Jugnu has differentiated itself by focusing on becoming the one-stop-shop for Kiryanas with a wide range of product assortment through its app, connecting manufacturers directly with Kiryanas.