The Most Well Funded Tech Startups in Pakistan (Updated 2021)

Zahid Lilani
most well-funded startups in Pakistan

Last Updated: 8/19/2021.

Pakistan is one of the fastest-growing economies in Asia. Yet, the amount of venture capital invested in the startup ecosystem is seemingly low.

Considering that, I decided to look at some of the most well-funded startups in Pakistan and how much money they have raised. In this post, I highlight the 5 most well-funded startups in Pakistan.

Highlights

💰 $191 million — Total amount raised by 5 most well-funded active startups.
🤝 18 — Number of deals leading to the cumulative amount raised.

Inclusion Criteria: Venture capital or Angel funded active startup founded by a Pakistani and headquartered in Pakistan.

1) Airlift ($109 million)

An app-based transportation service provider, Airlift allows fixed-route commuters to book rides on luxury buses. At the beginning of the pandemic, Airlift suspended its commuter service and pivoted to offer online delivery of household goods. It was founded in 2018 by Usman Gul, Ahmed Ayub and Meher Farrukh.

Timeline
– 2019: 
Seed, $2.2 million, from Gobi Partners, Indus Valley Capital, and Fatima Ventures.
– 2019: Series A, $14 million, from First Round Capital, Indus Valley Capital, Gobi Partners, and Fatima Ventures.
– 2020: Series A1, $10 million from Quiet Capital, TrueSight Ventures, RT Ventures, Shorooq Partners, ACE Capital, and existing investors.
– 2021: Series B, $85 million from 20 VC, Buckley Ventures, Quiet Capital, and Indus Valley Capital.

To date, Airlift has raised $109.2 million in disclosed venture capital funding from both VCs and Angels.

2) Zameen.com ($29 million)

Founded in 2006, Zameen.com is the most well-funded startup in Pakistan. Co-founded by 2 brothers, Zeeshan Ali Khan and Imran Ali Khan, it allows you to invest, buy, sell, or rent properties in all major cities of Pakistan.

Timeline
– 2012:
 Seed, amount undisclosed, from French angel investor Gilles Blanchard.
– 2014: Series A, amount undisclosed, from Singapore-based Catcha Group and Malaysia-based Frontier Digital Ventures.
– 2015: Series B, $9 million, from Sweden-based Vostok New Ventures (lead).
– 2016: Series C, $20 million, from existing investor Frontier Digital Ventures and other undisclosed investors.

To date, Zameen.com has raised $29 million in disclosed venture capital funding. Its valuation during its most recent funding round was estimated to be around $80 million.

3) Tajir ($18.9 million)

Tajir is a B2B marketplace for small businesses (Kiryana stores) in Pakistan. It was founded in 2018 by brothers Ismail and Babar Khan and is headquartered in Lahore.

Timeline
– 2020:
 Seed, $150,000 from Y Combinator. YC W20
– 2020: Seed, $1.8 million from Fatima Gobi Ventures, Pioneer Fund, GoldenGate Ventures, VentureSouq, Karavan, and several angel investors.
– 2021: Series A, $17 million from Kleiner Perkins, Y Combinator Continuity Fund, AAVCF, Fatima Gobi Ventures, Flexport, GoldenGate Ventures, Liberty City Ventures, and VentureSouq.

To date, Tajir has raised $18.9 million in disclosed venture capital funding.

4) Bykea ($18.7 million)

An on-demand transport and logistics startup, Bykea was founded in 2016 by Muneeb Maayr of the Daraz.pk fame. Currently, it’s the hottest startup in Pakistan given the recent Careem exit and excitement around last-mile delivery startups.

Timeline
– 2016:
 Seed, amount undisclosed, from Angels and Pakistan-based Ithaca Capital.
– 2019: Series A, $5.7 million, from the Pakistan-based Sarmayacar (lead) and Beirut-based MEVP.
– 2020: Series B, $13 million from Prosus Ventures, Sarmayacar, and Middle East Venture Partners.

To date, Bykea has raised $18.7 million in disclosed venture capital funding.

5) Finja ($15.6 million)

Founded in 2015 by Monis Rahman (Rozee.pk), Qasif Shahid, and Umer Munawar, Finja provides B2C and B2B payment solutions. Most notably, its mobile wallet SimSim (think Apple Pay) and Payroll Plus products are regarded as one of a kind in the market. Recently, it introduced a P2P lending program.

Timeline
– 2016:
 Seed, $1 million, from Sweden-based Vostok Emerging Finance.
– 2017: Series A, $1.5 million, again from Vostok Emerging Finance and UAE-based Gray Mackenzie Engineering Services.
– 2019: Convertible Note, $3 million from Vostok Emerging Finance, Quona Capital & Beenext.
– 2020: Series A1, $10,150,000 from ICU Ventures, BeeNext, Vostok Emerging Finance, Quona Capital, HBL and Gray MacKenzie Engineering Services.

To date, Finja has raised $15.65 million in disclosed venture capital funding.

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