Last Updated: 4/5/2022.

Pakistan is one of the fastest-growing economies in Asia. And Pakistani startups have been gaining momentum and attracting more and more venture capital funding over the past few years.

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 7 most well-funded startups in Pakistan.

Highlights

💰 $354 million — Total amount raised by the seven most well-funded active startups.
🤝 23 — Number of deals leading to the cumulative amount raised.

Inclusion Criteria: VC or Angel-funded active startups founded or co-founded by a Pakistani, headquartered in Pakistan, and or having the majority of operations or employees or founders/co-founders in Pakistan.

1) Airlift ($109 million)

Airlift was initially launched as an app-based transportation service provider. However, during the pandemic, it pivoted to quick commerce. 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. Making it the most well-funded startup in Pakistan.

2) Bazaar ($107.8 million)

Bazaar is a B2B marketplace for small businesses (Kiryana stores) in Pakistan. It was founded in 2020 by Hamza Jawaid and Saad Jangda.

Timeline

• 2020: Seed, $1.3 million from Indus Valley Capital and Alter Global.
• 2021: Seed, $6.5 million from Indus Valley Capital, Global Founders Capital, S7V, Wavemaker Partners, Derayah Venture Capital, and Next Billion Ventures.
• 2021: Series A, $30 million 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.
• 2022: Series B, $70 million from Dragoneer Investment Group, Tiger Global Management, Indus Valley Capital, Defy.vc, Acrew Capital, Wavemaker Partners, B&Y Venture Partners, and Zayn Capital.

Bazaar is headquartered in Karachi and has raised $107.8 million from 16+ investors, including angels.

3) Retailo ($45 million)

Retailo is a B2B marketplace for small businesses (Kiryana stores) in Pakistan. It was founded in 2020 by Muhammad Talha Ansari, Muhammad Nowkhaiz, and Wahaj Ahmed.

Timeline

• 2020: Pre-seed – $2.3 million Shorooq Partners, 500 Startups, and 92 Ventures.
• 2021: Seed – $6.7 million from Shorooq Partners, Abercross Holdings, AgFunder, and Arzan VC.
• 2022: Series A – $36 million from Graphene Ventures, 500 Global, Agility, Aujan, Tech Invest Com, Mentor’s Fund, Shorooq Partners, Abercross Holdings, Arzan VC, and AgFunder.

To date, Retailo has raised $45 million in disclosed venture capital funding from 11+ investors, including angels.

4) Zameen.com ($29 million)

Founded in 2006 by brothers Zeeshan Ali Khan and Imran Ali Khan, Zameen 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.

5) Bykea ($28.7 million)

An on-demand transport and logistics startup, Bykea was founded in 2016 by Muneeb Maayr of the Daraz.pk fame.

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.
– 2022: Series B extension, $10 million from existing investors Prosus Ventures, Middle East Venture Partners, Sarmayacar, Tharros, and Ithaca Capital.

To date, Bykea has raised $28.7 million in disclosed venture capital funding.

6) Jugnu ($25.7 million)

Jugnu is a B2B marketplace for small businesses (Kiryana stores) in Pakistan. It was founded in 2019 by Sharoon Saleem, Yasir Memon, Syed Khurram Haider, and Ahsan Muhammad Khan. 

Timeline
– 2021: Seed, $3.2 million from Systems Limited.
– 2022: Series A, $22.5 million from Sary, Sarmayacar, and Systems Limited.

Jugnu is headquartered in Karachi. To date, it has raised $25.7 million in disclosed venture capital funding.