Cheetay Ready to Lock in Institutional Funding
Cheetay.pk, being on the trajectory of growth and expansion, has to date raised a whopping $3.675 million in funding from investors based in the US, according to a company release.
The funding has enabled the company to establish a logistics base of an entire fleet of riders and dedicated vehicles, over 450 restaurant sand more than 200 employees. Starting with food delivery as the initial business vertical, they have expanded into delivering Books, Health & Beauty products and are on the cusp of launching Cheetay Grocery.
Their aim now is to go for an institutional funding round to acquire $10 million. With their vision and road map planned out, they plan to make a tectonic change in the industry by being the go to last mile company that provides an array of services not just in Lahore but in multiple cities throughout the country.
Acquiring this amount will enable them to capitalize on their position in the industry and will help them focus on new product innovation and numerous initiatives that will help maintain control of the customer’s journey in an e-Commerce arena.
“We’re now expanding at an exponential rate, and have big plans in the pipeline to make Cheetay the biggest last mile e-Commerce company in the country. Daraz is now worth over $ 150 million dollars, so my goal is to reach a level commensurate to what we see in India, not only in terms of the tech eco system but a company worth billions”, said Ahmed Khan, CEO, cheetay.pk
Having created an established platform, and raising an additional $ 1.675 million in the previous funding round, their plan is to vigorously pursue the path of growth and expansion. Venturing into new business categories is their prerogative, as they are soon launching Cheetay Grocery whereby anyone can order a grocery item with the touch of a button as they sit at home.
“We’ve got numerous projects lined up, not only in terms of technology, innovation and expansion but are well on our way to changing the dynamics of e-Commerce and how it works. Adapting to the emerging and changing environment, we’re ready to create a splash and go big”, stated Osman Chaudry, Chief Operating Officer, cheetay.pk.