LAAM's Impact on Propelling South Asian Fashion into the Global Limelight
After spending time away from his homeland Pakistan in tech firms like Meta, Microsoft, and Pinterest in North America, Arif Iqbal gained two crucial insights. Firstly, he mastered the art of constructing and expanding tech products. Secondly, he discovered that every South Asian expat had a stockpile of South Asian attire which they had to procure through family and friends.
These experiences laid the foundation for LAAM Technologies, an e-commerce platform that Iqbal co-established in 2021 upon his return to Pakistan. The company is currently announcing a $5.5 million seed funding round as it strives to expand and intensify its operations.
LAAM is an online marketplace that sells an assortment of South Asian fashion to both South Asians and the rest of the world. According to Iqbal, now the company's CEO, "This is a colossal market." With 2 billion people residing in Pakistan, Bangladesh, and India, and an additional 100 million South Asians living and working abroad, the market potential is enormous.
LAAM plays a pivotal role in Pakistan's fragmented fashion sector, providing a platform for the sector to reach new customers and grow faster. The platform offers a range of facilities such as logistics, warehousing, and customs administration, in addition to software tools to aid sellers with tasks like demand forecasting and inventory management.
Iqbal explains, "One of our objectives is to foster creativity." By empowering designers and artisans and supporting the livelihoods of over 10,000 families, LAAM strives to empower the creative community. With each new designer joining the platform, the inventory expands, and LAAM now sells over 100,000 items to its global customer base.
LAAM's revenue has doubled annually during each of its four years in operation. Sellers on the platform have sold nearly $100 million worth of their products to over 500,000 customers in 100 countries. LAAM takes a percentage of each sale and also offers support to sellers developing their own direct-to-customer websites.
Iqbal hopes the funding will aid in accelerated growth. The funds will be allocated to improving the technology essential to the platform, including features such as artificial intelligence agents for sellers, and to establish teams in key markets like the US and Middle East. This, in turn, should improve the customer experience in these regions.
The company aspires to attract more sellers, including from other South Asian countries, and to embark on a more aggressive marketing strategy. Much of LAAM's growth so far has been accredited to smart use of social media networks and SEO tools, with Iqbal's tech background providing an added advantage. "It also helps that South Asian communities tend to be very close-knit," he notes. "If you sell to five people, you can expect another 200 to take interest in your offerings."
Investors have shown keen interest in the company and its market potential. Today's funding round is led by Disrupt.com and Zayn VC, with participation from Graph Ventures, Mentors Fund, and several tech sector leaders from firms like Oracle, Microsoft, Google, and Salesforce.
Faisal Aftab, managing partner at Zayn VC, expresses, "LAAM's ability to elevate South Asian fashion on the global stage while supporting local artisans is truly commendable. We believe that LAAM has a unique chance to revolutionize the global perception and accessibility of South Asian fashion."
Aaqib Gadit, managing partner at Disrupt.com, adds, "LAAM's innovative approach to addressing logistical and operational challenges exemplifies the potential of the product to redefine how this market is served."
Entrepreneurs like Arif Iqbal, with experience in tech giants, are bringing innovative solutions to small businesses. LAAM Technologies, an e-commerce platform, aims to expand its operations, catering to the vast market of South Asian attire, benefiting over 10,000 families and 500,000 customers worldwide.
