E-Commerce Startup Chari With $100 Million Valuation Wants To Digitize The Retail Goods Market

January 21, 2022 | 2 minutes read

Moroccon B2B E-Commerce startup Chari with a $100 million valuation wants to digitize the Fast Moving Consumer Goods Market.

The ecommerce market around the world has witnessed an exponential rise. As per stats, the ecommerce market will reach sales of $6 trillion by 2024. The key reason for this growth is the massive production of ecommerce software and apps.  This increased dependence of shoppers on online outlets for buying has caused the investors to pour their investments into ecommerce startups. As recently the Morrocan-based B2B e-commerce and fintech startup Chari has secured a bridge round at a $100 million valuation. 

This funding round was led by Saudi-based venture capital Khwarizmi Ventures (KV), AirAngels (Airbnb Alumni Investors), and Afri Mobility, the venture capital arm of AKWA Group. The startup was founded in 2020 by Sophia Alj and Ismael Belkhayat and aims to digitally transform traditional convenience stores with the ability to order the products they require.

The trade business in French-speaking African regions is informal and fragmented. There are around 200,000 convenience stores selling more than 100 million dirhams of merchandise each year. The Ecommerce startup is on a mission to meet the needs of these entrepreneurs by ensuring them a regular supply of consumer products and by offering them financial services. In just a few clicks the Chari mobile app enables a local store to buy products at cost-effective prices. The company also offers a free delivery service in less than 24 hours.

This new funding will give chance to the E-commerce startup to pilot its buy now pay later (BNPL) services with grocery stores in Francophone Africa.

Ismael Belkhayat CEO of Chari said “Chari will use the money of this bridge round to test the BNPL services with its existing customers. Upon successful results, Chari will acquire a local credit company to enable shop owners to lend money to their end-users and further grow their business.”