Sunday, October 1, 2023

Pakistani Startup ‘Jugnu’ Shuts Down its Operations After Raising $22.5 Million

Jugnu, a prominent player in Pakistan’s startup ecosystem focusing on B2B e-commerce supply chain, has decided to close its core business operations despite successfully raising $22.5 million in funding.

The company’s team has announced plans to pivot towards a tech-platform approach, utilizing their technological expertise and data suite to facilitate commerce and promote financial inclusion. This strategic shift is motivated by changing global economic conditions and the goal of achieving greater capital efficiency and profitability.

Regrettably, this transition will have a significant impact on certain teams, and efforts are being made to support affected employees in finding opportunities with other organizations. Internal issues and low profit margins have been cited by insiders as contributing factors to the company’s decision to cease its operations.

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