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Rabat – Plug and Play, a global innovation platform, has announced its second investment in Moroccan B2B e-commerce Startup Chari. The investment comes as Plug and Play recognizes the immense potential of Chari in revolutionizing the operations and stock replenishment processes of fast-moving consumer goods (FMCG) markets in developing countries.
Plug and Play’s initial investment in Chari took place in 2020, and it was driven by a shared vision of transforming the FMCG landscape. With this subsequent investment, Plug and Play reaffirms its confidence in Chari’s potential to create more efficient and data-driven solutions for the FMCG sector.
Plug and Play explained in a press release that traditional stores rely on wholesalers and distributor agents for stock replenishment, a process that is often “inefficient and time-consuming.”
The global innovation platform noted that relying on traditional stock replenishment methods results in a “lack of data” for FMCG brands to evaluate their marketing campaigns and strategies for the final consumers.
Through its investment in Chari, Plug and Play aims to address these challenges by leveraging the power of e-commerce and technology. Chari serves as the first purchasing center for FMCG products specifically designed for traditional local shops. By utilizing their e-commerce application, these shops gain access to a wide range of products at lower prices, with the added convenience of 24-hour delivery.
Additionally, Chari provides valuable data insights to FMCG brands. This data enables the brands to evaluate their marketing campaigns, make informed decisions, and better understand the needs and preferences of their end consumers.
“We first invested in Chari in 2020 because we knew they had found a significant opportunity to revolutionize the way these stores operate and replenish their stock,” Plug and Play explained in its press release.
Read Also: Morocco’s Startup Chari Ranks Among Fastest Growing Businesses in Africa
The investment marks a significant milestone for Chari, enabling them to expand their operations, enhance their technology infrastructure, and further solidify their position as a key player in the B2B e-commerce space
Aziz El Hachem, North-Africa Director at Plug and Play, commented on this collaboration, saying, “Morocco’s startup scene is growing, with more and more companies securing funding at more advanced stages of growth.”
He continued, “We’re thrilled to be part of this dynamic ecosystem, and we’re particularly excited about Chari who first caught our attention as part of our inaugural cohort in Morocco in partnership with the Mohammed VI Polytechnic University and Stargate.”
Earlier this month, Chari featured on the list of the fastest growing businesses in Africa in a ranking from the British magazine The Financial Times.
