Arif Iqbal’s experiences working in North American tech giants like Meta, Microsoft, and Pinterest sparked the idea for LAAM Technologies. His observation of the challenges faced by South Asian expats in accessing traditional clothing, coupled with his acquired expertise in building scalable tech products, led him to co-found the e-commerce platform in Pakistan in 2021. LAAM aims to bridge the gap between South Asian fashion designers and a global market of both diaspora communities and residents of South Asian countries. This seed funding round of $5.5 million marks a significant step towards realizing LAAM’s ambition of becoming the leading platform for South Asian fashion worldwide.
LAAM operates as an online marketplace, offering a diverse selection of South Asian fashion to a customer base that extends across geographical boundaries. It caters to a vast market, encompassing the two billion people residing in Pakistan, Bangladesh, and India, as well as the estimated 100 million members of the South Asian diaspora living and working abroad. This dual focus allows LAAM to connect designers with a wider audience than they could reach independently, while simultaneously providing customers with convenient access to culturally relevant clothing. This strategy positions the company for significant growth within a rapidly expanding global market for ethnic and culturally specific fashion.
Beyond its role as a marketplace, LAAM functions as a crucial support system for Pakistan’s fragmented fashion industry. By providing services such as logistics, fulfillment, and customs administration, the platform removes significant hurdles for local designers and artisans. Moreover, LAAM equips its sellers with software tools designed to streamline business operations, including demand forecasting and inventory management. This comprehensive approach empowers entrepreneurs within the South Asian fashion sector to focus on their creative output while LAAM handles the complex backend processes, facilitating their growth and reach. This strategy also benefits LAAM by fostering a loyal seller base and ensuring a continuous supply of unique and high-quality products.
LAAM’s commitment to empowering creativity and supporting local artisans is central to its mission. The platform currently supports the livelihoods of more than 10,000 families, and each new designer who joins expands its already extensive inventory of over 100,000 items. This focus on inclusivity and economic empowerment resonates with both sellers and customers, contributing to the platform’s rapid growth. By offering a wide selection of products from various designers, LAAM caters to a broad range of tastes and preferences within the South Asian fashion landscape. This diversity, coupled with the platform’s commitment to social impact, strengthens its brand appeal and fosters a loyal customer base.
The company’s financial performance reflects its successful strategy. LAAM has experienced consistent revenue doubling year over year since its inception four years ago. To date, sellers on the platform have generated close to $100 million in sales, reaching over 500,000 customers in 100 countries. In addition to its core marketplace business, LAAM is developing a revenue stream by supporting sellers who wish to establish their own direct-to-consumer websites. This diversification strategy positions the company for long-term sustainability and reduces its reliance on a single revenue model.
The $5.5 million seed funding will be strategically deployed to further accelerate LAAM’s growth trajectory. A key focus area is enhancing the platform’s technology, including incorporating artificial intelligence agents to assist sellers. The funding will also enable LAAM to establish a physical presence in key markets like the US and the Middle East, improving customer experience and fostering closer relationships with local communities. Furthermore, the company plans to expand its seller base by attracting designers from other South Asian countries and implement a more proactive go-to-market strategy. This combination of technological advancements, geographical expansion, and strategic marketing initiatives positions LAAM for continued rapid growth in the coming years. The funding also validates the company’s vision and attracts further attention from potential investors and partners.
