Jugnu, a Pakistani B2B e-commerce firm, has created a Buy Now, Pay Later service for small and medium-sized businesses.
The BNPL solution, which is part of the larger Sarmaya Partner Program, is designed to solve the challenge of low working capital and lack of financial inclusion for SME retail by providing easy access to loans.
This news comes after Jugnu announced a strategic partnership with Mena-based B2B E-Commerce giant SARY and raised $22.5 million in its Series A round.
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“We’re always looking for new ways to help small businesses thrive, and the BNPL function is an exciting addition to our growing range of retailer-focused services – one that provides a practical, in-app solution to a well-known problem,” said Sharoon Saleem, Jugnu’s co-founder, and CEO.
“With the Sarmaya Partner Program, we can continue to elevate retailers on the Jugnu app and enhance our aim of SME enablement through data-driven lending,” he added.
Umair Farrukh, Jugnu’s Head of Finance and the project’s leader, spoke on the Sarmaya Partner Program’s aim.
“Through Sarmaya, on a micro-level, we want to empower our customers to unlock growth in their businesses without being dominated by fear induced by uncertain access to capital while also being their preferred stock purchase choice,” he said. This is Sarmaya – another reason to believe in Jugnu’s commitment to bringing light to the lives of small businesses.”
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Jugnu was formed in 2019 with the sole purpose of assisting small and medium-sized business owners in realizing their maximum earning potential by making business simple.
Jugnu has been able to accelerate its growth by ongoing innovation, directly covering an effective customer base of over 30,000 Kiryanas spanning Lahore, Rawalpindi, and Islamabad, with plans to expand to other major cities.
Jugnu has set itself apart by focusing on becoming a one-stop shop for kiryanas with a diverse product offering via its app, which connects producers and kiryanas directly.