startup. Chari raises initial funding round valuing the company at $100 million

Moroccan B2B e-commerce startup Chari has raised a series of bridge financings that value the company at $100 million.

Founded in 2020 by Ismael and Sophia Belkhayat, Chari allows owners of traditional convenience stores in Morocco to order products with key delivery. It collaborates with more than 50% of convenience stores in Casablanca, has expanded to Tunisia and announced in August 2021 the acquisition of the mobile credit sales application Karny.

A participant in Y Combinator’s S21 batch, the company raised a $5 million seed round late last year, and is now aiming to make serious strides in the fintech space after closing a seed round. led by Saudi Arabia-based venture capital fund Khwarizmi Ventures, AirAngels (Airbnb Alumni Investors), and Afri Mobility, the venture capital arm of AKWA Group.

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The recent acquisition of credit management app Karny has provided Chari with valuable data on loans made by grocery stores to their customers, enabling her to assess the creditworthiness of unbanked merchants and determine the most appropriate payment terms for each of them.

“Chari will use the money from this round to test BNPL’s services with its current clients. If the results are successful, Chari will acquire a local credit company to enable merchants to lend money to their end customers and grow their business,” said Ismael Belkhayat, CEO of Chari.

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