Grace Ashiru
Chari, a B2B e-commerce startup specializing in FMCG (Fast-Moving Consumer Goods), has secured an extra $1.5 million in funding.The investment comes from Verod-Kepple Africa Ventures (VKAV), a collaboration between Verod Holdings, a growth capital private equity firm in Africa, and Kepple Africa Ventures (KAV), a venture capital firm based in Japan.
Chari was established in 2020 by Ismael and Sophia Belkhayat, a married couple, to enable Moroccan proximity store owners to place orders and have them promptly delivered conveniently.
Driven by a strong ambition to dominate the region and provide supplementary offerings, Chari has emerged as Morocco’s leading B2B e-commerce platform for FMCG products. The company envisions expanding its market presence and creating fresh revenue channels, including embedded fintech solutions through these services.
Ismael Belkhayat expressed his excitement about partnering with VKAV, emphasizing the creation of an advanced and essential financial services infrastructure to serve the mass market in their country. Ismael Belkhayat said, “With VKAV’s extensive network in Africa and strong connections within Japanese corporate society, we are confident they will consistently contribute value to our endeavors.”
Ryosuke Yamawaki has joined Chari’s board of directors and shared his perspective on the company’s potential to revolutionize the informal retail industry and redefine the concept of informal trade in Africa.
Yamawaki expressed a strong belief in the innovative approach of Chari, stating that it will not only bring benefits to the local market but also serve as a model for the rest of the world.
Alongside its plans to expand into Tunisia and the Ivory Coast, Chari has successfully onboarded over 20,000 food enterprises in Morocco.
