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Thursday, February 15, 2024

New report shows Pakistan’s startup funding crossed $300m!

Pakistan's startup sector had already raised $300 million. However, two more e-commerce companies received mega funding recently, crossing the $300 million mark, making it a huge achievement for the country. Experts predict that the funding will continue to grow.

In a major achievement for Pakistan, the country’s startup sector raised fresh funds and crossed $300 million. A recent report by Bloomberg revealed the news earlier today.

According to the report, the startup sector already raised $300 million. However, two more e-commerce companies received mega funding recently, crossing the $300 million mark.

As per details, Bookme, the largest online travel and ticketing platform in Pakistan raised $7.5 million in its series A round. Bookme provides customers with online bookings for intercity buses, airlines, hotels, and events in Pakistan.

Important to note, Bookme is the first completely cashless platform in Pakistan with the highest number of day-to-day digital transactions for banks and payment gateways.

Read more: Asad Umar congratulates Pakistani startup for raising record money

Similarly, Bagallery, a beauty, and fashion startup, separately raised $4.5 million. Bagallery sells beauty and fashion products for women, men, and kids, from over 500 brands including L’Oréal, Garnier, and Paul Mithcell. Moreover, its catalog features 10,000 SKUs ranging from beauty, skincare, haircare, and perfumes to clothing, shoes, bags, and accessories.

“Bagallery focuses on authentic supply for products by entering into partnerships with likes of Unilever, Procter & Gamble, L’Oreal, and Kiko Milano. This gives us competitive access to brands sought by its target demographic consumers,” noted a statement by Bagallery.

Pakistan’s e-commerce landscape is changing

Pakistan’s e-commerce sector is taking off as the industry continues to rake in massive investment. According to data published by the State Bank of Pakistan, the number of registered e-commerce merchants increased from 1,707 in 2019-20, to 3,003 in 2020-21, a 76pc increase.

Furthermore, Pakistani startups received a record total of $300 million in investment this year. As a result, experts predict that the funding will continue to grow.

Earlier, a Lahore-based startup called PostEx banked in mega funding of $8.6 million, making it one of the country’s largest.

Interestingly, the credit goes to Covid for boosting the e-commerce sector. The frequent lockdowns halted in-person operations. As a result, many businesses moved online. Additionally, startups also increased.

Read more: These 3 startups are here to disrupt the traditional systems of Pakistan!