InstaMall raises seed investment from Arif Habib

KARACHI: InstaMall, an online marketplace of retail brands, received an undisclosed seed investment from Arif Habib, chairman of Arif Habib Group, a statement said on Friday.

“Pakistan is now in the early stages of its e-commerce life cycle and has a growing middle class who is seeking a trustworthy online marketplace that provides a seamless customer experience,” Arif Habib said in a statement. “InstaMall has a promising vision and strategy to offer quality shopping experiences parallel to those of the best platforms in the region.”

Pakistan has significant mobile and broadband penetration, yet it has one of the worst performing e-commerce sectors which comprises only one percent of the total retail market in the country.

Counterfeit products, poor customer support, and delayed deliveries are some of the key obstacles hampering e-commerce adoption in Pakistan, as evident from extremely low net-promoter scores of existing e-commerce companies.

InstaMall is building a customer-centric and tech-enabled platform which consumers can throw their trust behind – InstaMall sells original products only and focuses on delivering orders promptly.

InstaMall has secured a number of partnerships with leading fashion, cosmetics, footwear, electronics, and retail brands since its launch in September 2020.

It will continue to build out its partnerships to encompass the best and leading names in the region.

InstaMall is founded by brothers, Hashaam Riaz Sheikh (a former Citigroup investment banker) and Basit Riaz Sheikh (Cornell Ph.D. and a certified artificial intelligence expert), with prior collective working experience in leadership roles in telecom, technology, media, and finance sectors.