Chari, a Moroccan B2B eCommerce startup, has announced the closing of a bridge round led by the Saudi-based venture capital fund Khwarizmi Ventures (KV), AirAngels (Airbnb Alumni Investors), and Afri Mobility, the venture capital arm of AKWA Group. The new investment has pushed the value of the startup to $100 million.
Founded by Sophia Alj and Ismael Belkhayat in January 2020, Chari is a B2B eCommerce and fintech startup that digitises the largely fragmented FMCG sector in French-speaking Africa.
By using the app, traditional convenience stores in Morocco and Tunisia can order all the products they need and receive them in less than 24 hours. The startup recently graduated from the Y Combinator Summer 21 batch.
In October 2021, the startup announced a USD 5M seed round along with the acquisition of Karny.ma, a Moroccan ledger book that had more than fifty thousand active users.
The recent acquisition of the credit book app Karny.ma gave Chari valuable data on the loans given by grocery stores to their customers. This allows Chari to credit-assess the unbanked shop owners and determines the most fitting payment terms given to each.
“We 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”, announced Ismael Belkhayat CEO of Chari and Cornell University Alumni.
“Sophia and Ismael are visionary leaders that always make everyone around them think bigger every time they speak with them. We believe that under their leadership Chari will help in improving the lives of millions in Africa through simplified financial solutions. We are proud of their mission and delighted to join their adventure”, said Abdulaziz Al-Turki, Managing Partner at Khwarizmi Ventures.
