AVN 67.32 Increased By ▲ 0.22 (0.33%)
BAFL 29.32 Decreased By ▼ -0.43 (-1.45%)
BOP 4.10 Increased By ▲ 0.03 (0.74%)
CNERGY 3.67 Decreased By ▼ -0.06 (-1.61%)
DFML 12.15 Decreased By ▼ -0.10 (-0.82%)
DGKC 44.11 Decreased By ▼ -1.25 (-2.76%)
EPCL 46.71 Decreased By ▼ -0.29 (-0.62%)
FCCL 12.02 Increased By ▲ 0.02 (0.17%)
FFL 6.12 Increased By ▲ 0.17 (2.86%)
FLYNG 6.00 Decreased By ▼ -0.18 (-2.91%)
GGL 11.94 Increased By ▲ 0.05 (0.42%)
HUBC 68.65 Increased By ▲ 0.15 (0.22%)
HUMNL 5.67 Decreased By ▼ -0.05 (-0.87%)
KAPCO 25.05 Decreased By ▼ -0.20 (-0.79%)
KEL 2.16 Increased By ▲ 0.02 (0.93%)
LOTCHEM 25.25 Decreased By ▼ -0.11 (-0.43%)
MLCF 25.22 Decreased By ▼ -0.48 (-1.87%)
NETSOL 77.75 Decreased By ▼ -0.05 (-0.06%)
OGDC 87.50 Decreased By ▼ -0.62 (-0.7%)
PAEL 11.31 Decreased By ▼ -0.34 (-2.92%)
PIBTL 4.07 Decreased By ▼ -0.05 (-1.21%)
PPL 67.30 Decreased By ▼ -1.41 (-2.05%)
PRL 13.14 Decreased By ▼ -0.11 (-0.83%)
SILK 0.88 No Change ▼ 0.00 (0%)
SNGP 41.29 Decreased By ▼ -0.41 (-0.98%)
TELE 7.94 Decreased By ▼ -0.03 (-0.38%)
TPLP 15.22 Decreased By ▼ -0.20 (-1.3%)
TRG 111.97 Decreased By ▼ -0.59 (-0.52%)
UNITY 13.87 Decreased By ▼ -0.23 (-1.63%)
WTL 1.22 Decreased By ▼ -0.01 (-0.81%)
BR100 4,126 Decreased By -16.3 (-0.39%)
BR30 14,840 Decreased By -98.3 (-0.66%)
KSE100 40,720 Decreased By -158 (-0.39%)
KSE30 15,041 Decreased By -46.9 (-0.31%)

Pakistan’s digital bookkeeping startup raises $6mn in seed funding

  • Udhaar Book is a Karachi-based cashflow management services provider
Published November 8, 2021
Follow us

In another stride for Pakistan’s budding startup scene, Udhaar Book, a Karachi-based cashflow management services provider, has raised $6 million in early funding.

The funding will be utilised for market expansion, in a mostly cash-driven economy, where millions of small businesses and SMEs still manage cashflows manually, reported Bloomberg.

The report added that the round was led by investors including Fatima Gobi Ventures, Plaid co-founder William Hockey’s Muir Capital, Tinder co-founder Justin Mateen’s JAM Fund LLC, Integra Partners and Commerce Ventures LLC.

ADB-backed Rider raises $2.3 million in seed round

“Udhaar app helps you manage credit (Udhaar) with customers and supliers. Udhaar Book is an online ledger (like an online khata or journal) to record your outstanding debt, and send auto-reminders to customers to increase collection and cash flow,” stated the app on its website.

Talking to the international media outlet, Udhaar’s co-founder, Fahad Kamr, said that Pakistan has over 30 million micro-, small- and medium-enterprises, which still operate manually and deal in cash. This hampers the growth of small businesses that are busy in keeping account of their cash dealings.

Kamr informed that Udhaar Book, which kicked off last year, has 1.4 million registered users and over 0.5 million monthly active users, which as per the co-founder is the highest active user base in the digital bookkeeping segment for small stores.

“We’ve barely scratched the surface so obviously expanding the reach of the product is super important at this time,” Kamr was quoted as saying. “That’s where a lot of the funding will also go.”

Unilever-backed startup raises one of Pakistan's largest early stage funding

Pakistan's startup scene has been picking up in recent years with 2021 being exceptional for founders in the country.

Last month, Karachi-based quick delivery startup Munchies raised $2.5 million from strategic investors including Unilever and VentureDive, making it the third-largest pre-seed investment in Pakistan's history.

In the first nine months of the ongoing year, Pakistan's startups raised a record amount of funds at over $305 million, according to data compiled by Karachi-based Alpha Beta Core (ABCore), an early-stage tech-based investment firm.

The amount is over 1.5 times higher than the previous six years combined with investments focused on early-stage funding rounds, pointing to the growth potential, say experts.


Comments are closed.

Pakistan’s digital bookkeeping startup raises $6mn in seed funding

Intra-day update: rupee sees marginal improvement against US dollar

Exchange losses: ECC approves Rs27bn TSG for Kuwait Petroleum

‘Pakistan is running out of time,’ warns PBC as IMF programme hangs in balance

Rs5bn PM’s ‘Ramazan Relief Package’ announced

FBR asks TPL Trakker to install tracking devices on transhipment cargo

15 mega initiatives included: Rs150bn ‘PM’s Youth Package’ announced

Joint sitting of parliament today: Anti-army chief smear campaign tops the agenda

IK agrees to one-point APC agenda proposal

Russia wants Chinese businesses to replace Western firms

Strong quake jolts parts of Afghanistan, Pakistan, India