Pakistani startups raised $345+ million in venture capital funding in 2021.
It was a tremendous year for Pakistani startups.
64 deals, 53 startups, and $345+ million raised in disclosed startup funding. That’s more funding than the previous eight years combined.
In this post, I do a round-up of all the Pakistani startups that raised venture capital funding during the year 2021.
1) dTrade
In January, the Karachi-based crypto derivatives startup raised $885,000 in pre-seed funding from Polychain Capital, Pnyx Ventures, ParaFi Capital, Meltem Demirors, Hypershare Ventures, Divergence Ventures, CMS Holdings, and AU21 Capital.
In May, dTrade raised $6.4 million in seed funding from Three Arrows Capital, DeFiance, Polychain Capital, ParaFi Capital, Huobi, Mechanism Capital, Bixin Ventures, IOSG Ventures, Hypersphere Ventures, and Fenbushi Capital.
As of 2021, dTrade has raised $7.3 million in disclosed funding.
2) Chkar
The Gilgit-Baltistan-based hospitality startup raised $300,000* in seed funding from MFSYS.
*Converted from PKR.
3) Bazaar
In January, the Karachi-based B2B e-commerce marketplace raised $6.5 million in seed funding from Indus Valley Capital, Global Founders Capital, S7V, Wavemaker Partners, Derayah Venture Capital, and Next Billion Ventures.
In August, Bazaar raised $30 million in Series A funding from Defy Partners, Wavemaker Partners, Acrew Capital, Saison Capital, Zayn Capital, B&Y Venture Partners, Indus Valley Capital, Global Founders Capital, Next Billion Ventures, and Alter Global.
As of 2021, Bazaar has raised $37.8 million in disclosed funding. Making it the 2nd most well-funded startup in Pakistan.
4) RINSTRA
The Islamabad-based digital media platform raised $2 million in Series A funding from undisclosed investors.
5) VinnCorp
The Karachi-based B2B app development startup raised $100,00 in seed funding from HRSG.
6) Fitoor
The Karachi-based e-commerce startup selling art raised $15,000 in seed funding from Bunyaad.
7) 24Seven.pk
The Lahore-based grocery delivery startup raised $150,000 in seed funding from SOSV.
8) Dastgyr
In March, the Karachi-based B2B e-commerce marketplace raised $150,000 in seed funding from SOSV.
In July, Dastgyr raised an additional $3.3 million in Seed funding from SOSV, ADB Ventures, Seedstars, Edgebrook Partners, Zayani Venture Capital, and Tricap investments.
As of 2021, Dastgyr has raised $3.5 million in disclosed funding.
9) Remotebase
The Lahore-based remote placement startup raised $1.4 million in seed investment from Indus Valley Capital, Draper Associates, and Hustle Fund.
10) Sehat Kahani
The Karachi-based telemedicine startup raised $1 million in pre-Series A funding from Islamic Development Bank, 10Pearls Ventures, Mentors Fund, Impact Fund, Impact Investment Exchange, KASB Securities, and Din Group.
As of 2021, Sehat Kahani has raised $1.5 million in disclosed funding.
11) Udhaar
In March, the Karachi-based bookkeeping startup graduated from Y Combinator’s Winter 2021 batch and raised $125,000.
In November, Udhaar raised an additional $6 million in seed funding from Fatima Gobi Ventures, Muir Capital, JAM Fund, Commerce Ventures, Liberty City Ventures, Atlas Ventures, and Integra Partners.
As of 2021, Udhaar has raised $6.1 million in disclosed funding.
12) Sadapay
The Islamabad-based neobank raised $7.2 million in seed funding from Recharge Capital, Kingsway Capital, and Raptor Group.
As of 2021, Sadapay has raised $9.3 million in disclosed funding.
13) Edkasa
The Lahore-based EdTech startup raised $320,000 in pre-seed funding from the i2i Ventures, Walled City Co., Zayn Capital.
14) Truck It In
In April, the Karachi-based freight marketplace startup raised $1.5 million in pre-seed funding from Global Founders Capital, Fatima Gobi Ventures, Deosai Ventures, BitRate VC, and +92 Ventures.
In September, Truck It In raised an additional $3 million in pre-seed funding from Global Founders Capital, Fatima Gobi Ventures, Picus Capital, and Zayn Capital.
As of 2021, Truck It In has raised $4.5 million in disclosed funding.
15) Jabberwock Ventures (Cheetay/Swyft)
Jabberwock Ventures, the parent company of Cheetay and Swyft, raised $18.5 million in Series B funding from Hummer Winblad Venture Partners, Doris Duke, and Advent International.
The amount raised by Jabberwock is a matter of much debate, but it is estimated to be between $16–$20 million. According to Sec Form D, Jabberwock Ventures set out to raise $40 million but could only successfully raise $16.7 million. That said, I have learned from a trusted source, the actual amount is close to $18.5 million.
16) Creditbook
In May, the Karachi-based bookkeeping and payments startup raised $1.5 million in seed funding from BitRate VC, Venture Souq, Better Tomorrow Ventures, Ratio Ventures, Toy Ventures, Quiet Capital, and i2i Ventures.
In December, Creditbook raised $11 million in pre-Series A funding from Tiger Global, Better Tomorrow Ventures, Firstminute Capital, Banana Capital, VentureSouq, Ratio Ventures, and i2i Ventures.
As of 2021, Creditbook has raised $12.5 million in disclosed funding.
17) RetailO
The Karachi-based (HQ in Saudi Arabia) B2B e-commerce marketplace raised $6.7 million in seed funding from Shorooq Partners, Abercross Holdings, AgFunder, and Arzan Venture Capital.
As of 2021, RetailO has raised $9 million in disclosed funding.
18) Tajir
The Lahore-based B2B e-commerce marketplace raised $17 million in Series A funding from Kleiner Perkins, Y Combinator Continuity Fund, AAVCF, Fatima Gobi Ventures, Flexport, Golden Gate Ventures, Liberty City Ventures, and VentureSouq.
As of 2021, Tajir has raised $19 million in disclosed funding.
19) TAG
In June, the Islamabad-based neobank raised $5.5 million in pre-seed funding from Quiet Capital, Liberty City Ventures, Fatima Gobi Ventures, and Unpopular Ventures.
In September, TAG graduated from Y Combinator’s Summer 2021 batch and raised $125,000.
Also, in September, TAG raised an additional $12 million in seed funding from Liberty City Ventures, Canaan Partners, Addition, Mantis, Fatima Gobi Ventures, and Banana Capital.
As of 2021, TAG has raised $17.6 million in disclosed funding.
20) KTrade
The Karachi-based retail stock trading startup raised $4.5 million in seed funding from TTB Partners and HOF Capital.
21) Abhi
In June, the Karachi-based salary advance startup raised $2 million in seed funding from Vostok Emerging Finance, Village Global, Sarmayacar, i2i Ventures, and Zayn Capital.
In September, Abhi graduated from Y Combinator’s Summer 2021 batch and raised $125,000.
In November, Abhi raised additional funding in a bridge round from Global Ventures, Next Billion Ventures, VEF AB, Rally Cap, Sarmayacar, VentureSouq, TPL e-Ventures, and i2i Ventures. The amount of funding wasn’t disclosed.
As of 2021, Abhi has raised $2.1 million in disclosed funding.
22) Dawaai
The Karachi-based online pharmacy raised $8.5 million in Series A funding from 500 Startups and Sarmayacar.
As of 2021, Dawaai has raised $10.5 million in disclosed funding.
23) Jugnu
The Karachi-based B2B Marketplace startup raised $3.2 million in Series A funding from Systems Limited.
24) Rare Sense
The Lahore-based crypto startup raised $400,000 in seed funding from undisclosed investors.
25) Grocer App
The Lahore-based grocery startup raised $5.2 million in Series A funding from Hayaat Global, Millville Opportunities Fund, Wamda Capital, Jabbar Internet Group, Nama Ventures, Haitou Global, Lean Bricks, and Walled City Co.
As of 2021, Grocer App has raised $6.2 million in disclosed funding.
26) Trivzia
The Lahore-based streaming platform raised $400,000 in seed funding from 47 Ventures.
27) SmartChoice
The Karachi-based insurance marketplace raised $150,000 in seed funding from SOSV.
28) Swag Kicks
The Karachi-based e-commerce marketplace for shoes raised $150,000 in seed funding from SOSV.
29) Trukkr
The Karachi-based freight marketplace startup raised $600,000 in seed funding from Anchorless and Kinnow VC.
30) DigiKhata
The Faisalabad-based small business accounting startup raised $2 million in seed funding from MSA Capital, Shorooq Partners, SOSV, and +92 Ventures.
31) Marham
The Lahore-based HealthTech marketplace startup raised $1 million in seed funding from Indus Valley Capital.
32) Airlift
The Lahore-based quick commerce startup raised $85 million in Series B funding from 20 VC, Buckley Ventures, Quiet Capital, and Indus Valley Capital.
As of 2021, Airlift has raised $109.2 million in disclosed funding. Making it the most well-funded startup in Pakistan.
33) Walee
The Islamabad-based AdTech startup in the influencer marketing space raised $2.7 million in seed funding from Z2C.
34) Ailaaj
The Lahore-based HealthTech marketplace startup raised $1.6 million in seed funding from JS Group, Fazal Din Group, and Leonine Tech Ventures.
35) BridgeLinx
The Lahore-based freight marketplace startup raised $10 million in seed funding from 20 VC, Buckley Ventures, Indus Valley Capital, Wavemaker Partners, Quiet Capital, TrueSight Ventures, Soma Capital, Flexport, and UNTITLED.
36) Maqsad
The Karachi-based EdTech startup raised $2.1 million in pre-seed funding from Indus Valley Capital, Alter Global, and Fatima Gobi Ventures.
37) Oraan
The Karachi-based committee (community savings) startup raised $3 million in Seed funding from Zayn Capital, Resolution Ventures, i2i Ventures, Hustle Fund, Haitou Global, and Wavemaker Partners.
38) QisstPay
The Islamabad-based BNPL startup raised $15 million in seed* funding from MSA Capital, Global Founders Capital, Fox Ventures, First Check Ventures, and United Bank Limited.
*The round was a mixture of pre-seed, seed, and debt. Because details are not available, we are filing this under seed for simplicity’s sake.
39) PostEx
In October, the Lahore-based payments and lending startup raised $1.5 million in seed funding from MSA Capital, Shorooq Partners, Zayn Capital, VentureSouq, PNO Ventures, and +92 Ventures.
In November, PostEx raised an additional $7.1 million in seed funding from Global Founders Capital, FJ Labs, ru-Net, MSA Capital, VentureSouq, Alma Capital, Zayn Capital, and Shorooq Partners.
As of 2021, PostEx has raised $8.6 million in disclosed funding.
40) Integry
The Lahore-based application integration startup (HQ in the U.S.) raised $3 million in seed funding from Bonfire Ventures, Operator Collective, Basecamp Fund, Silicon Badia, and Lead Pencil.
41) Scholar Den
The Lahore-based EdTech startup raised $75,000 in pre-seed funding from multiple angel investors.
42) Tazah
In October, the Lahore-based agri-tech marketplace raised $2 million in pre-seed funding from Global Founders Capital, Zayn Capital, Ratio Ventures, Walled City Co, i2i Ventures, Suya Ventures, Globivest, Afropreneur Syndicate, +92 Ventures, Sunu Capital, Musha Investments.
In December, Tazah raised an additional $4.5 million in pre-seed funding from Fatima Gobi Ventures, Vibe Capital, Shorooq Partners, Nuwa Capital, Ru-net, Alter Global, Julian Capital, Kinnow Capital, Early Grey Capital, K3 Fund, Global Founders Capital, Zayn Capital, i2i Ventures, and Angel investors Sahil Bloom, Siqi Chen, and Matt Brezina.
As of 2021, Tazah has raised $6.5 million in disclosed funding.
43) Munchies
The Karachi-based quick commerce startup raised $2.5 million in pre-seed funding from Unilever Pakistan and VentureDive.
44) Rider
The Karachi-based e-commerce logistics startup raised $2.3 million in seed funding from Global Founders Capital, Fatima Gobi Ventures, TPL E-Ventures, Transhold, and Asian Development Bank.
45) Zarya
The Lahore-based social commerce startup raised $1.7 million in pre-seed funding from Fatima Gobi Ventures, Class 5 Global, and Global Founders Capital.
46) Savyour
The Karachi-based cashback and rewards platform raised $3.3 million in seed funding from Global Founders Capital, Zayn Capital, Fatima Gobi Ventures, Rally Cap Ventures, +92 Ventures, and Suya Ventures.
47) Lettus Kitchens
The Islamabad-based cloud kitchen startup raised $250,000 in seed funding from multiple angel investors.
48) Clicky
The Lahore-based e-commerce retailer raised $2.4 million in pre-Series A funding from Tricap Investments, CSHL, and multiple angel investors.
49) Bookme.pk
The Lahore-based e-ticketing startup raised $7.5 million in Series A funding from Zayn Capital, Lakson Venture Capita, Hayaat Global, BY Ventures, Jabbar Internet Group, Millville Opportunities, and Mentors Fund.
As of 2021, Bookme.pk has raised $8.8 million in disclosed funding.
50) Bagallery
The Karachi-based beauty and fashion e-commerce startup raised $4.5 million in Series A funding from Zayn Capital, Lakson Venture Capital, and Hayaat Global.
As of 2021, Bagallery has raised $5.4 million in disclosed funding.
51) Krave Mart
The Karachi-based quick commerce startup delivering groceries raised $6 million in pre-seed funding round from MSA Capital, ru-NET, Global Founders Capital, Zayn Capital, Saison Capital, 2AM, Mehta Ventures, Jedar Capital, and Lakson Venture Capital.
52) Jiye
The Lahore-based agri-tech marketplace raised $2.5 million in pre-seed funding round from Sarmayacar, Access Bridge Ventures, Jabbar Internet Group, EquiTie, Seedstars, and angel investors from MENAP, Europe, and North America.
53) Healthwire
The Lahore-based healthcare marketplace raised $3.3 million in Series A funding from 47 Ventures, Habib Bank Limited, and Dilsons Private Limited.
As of 2021, Healthwire has raised $4 million in disclosed funding.
If you like spreadsheets, here’s the entire list. If you think I missed a startup, please DM me on Twitter with the link to the startup funding announcement.
This list includes VC or Angel-funded active startups founded or co-founded by a Pakistani and headquartered in Pakistan and or having the majority of operations or employees or founders/co-founders in Pakistan.
P.S. Thank you Zubair Naeem Paracha and Mutaher Khan for reviewing the list of startups for this post and keeping me honest.
