Udhaar Book, a Karachi-based digital bookkeeping startup, raised $6 million in seed funding from Fatima Gobi Ventures, Muir Capital, JAM Fund, Commerce Ventures, Liberty City Ventures, Atlas Ventures, and Integra Partners.
Elevator Pitch: Accounting and cash flow management for small businesses.
Tell me more: According to estimates, Pakistan has between 25 and 30 million small businesses that are still operated manually.
Small-business owners prefer to do their accounting on paper and process payments in cash. Due to this, small business owners spend a significant amount of time keeping books and managing cash flow using mental math.
Solving this problem for small business owners can free up their time, improve their cash flow and allow them to focus on growth.
Around 74% of the country’s gross domestic product is generated by small businesses, underscoring their potential for added value when they are digitalized.
You should know: Founded in 2020 by Fahad Kamr, Shah Warraich, and Myra Ali, Udhaar Book was created to help small businesses keep track of sales, expenses, and customer credits.
According to the press release issued by Udhaar Book, the app now has 1.4 million registered users across 421 cities and over half a million monthly active users.
Zoom out: Udhaar Book is similar to three other apps, Digi Khata, Easy Khata, and Credit Book, all of which allow small businesses to digitize their bookkeeping.
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