Technifai, the e-commerce enabler connecting merchants with online marketplaces has raised an eight-digit PKR investment round led by local and overseas investors that include Danish Elahi from Elahi Group of Companies and Singapore-based Jonas Eichhorst of Tharros.
Technifai enables merchants with a central system that maintains all of their product and availability information which is automatically updated across various different online marketplaces and properties. After the investment round, Eichhorst will be joining the board of the company.
Since its inception two years ago, the company has been growing rapidly crossing 500,000 available SKU (Stock Keeping Unit) mark. With e-commerce booming globally and rapidly increasing local interest, Pakistan has acquired the attention of global investors which was demonstrated by the acquisition of Daraz by Alibaba.
Since 2018, Technifai has also been the exclusive third-party integration partner for Daraz. CEO Technifai Shahrukh Chaudhry shared about the investment,
“Enabling merchants to fully leverage the potential of e-commerce is at the core of Technifai’s mission. Crossing 500,000 SKUs is a testament to the market demand for our offering and we are very proud to see seasoned local and overseas investors supporting our vision.”
As an e-commerce veteran, Chaudhary recognized the many challenges faced by both merchants and marketplace operators years ago and started the business in response to these continuous struggles. “We are keen on democratizing e-commerce for Pakistan. Our solution allows any local or international player to overnight become the second biggest marketplace in Pakistan, thereby allowing companies to compete on customer service and experience,” Chaudhary added.
Eichhort also shared his view about investing in Technifai,
“Online commerce is bound to become the norm in Pakistan, just like it has almost everywhere else in the world; it is a sector that promises tremendous opportunities. Providing different existing and new businesses – like marketplaces, other platforms and super apps – with the ability to monetize their audiences through comprehensive e-commerce product assortment uniquely positions Technifai with a plethora of future growth avenues.”
Going forward, the company plans to further continue increasing its SKU count and merchant base and is exploring options of enabling Pakistani merchants to sell overseas on regional and global online marketplaces.