BAFL 51.82 Decreased By ▼ -0.69 (-1.31%)
BIPL 22.37 Decreased By ▼ -0.43 (-1.89%)
BOP 5.63 Decreased By ▼ -0.05 (-0.88%)
CNERGY 4.96 Decreased By ▼ -0.13 (-2.55%)
DFML 18.84 Decreased By ▼ -0.51 (-2.64%)
DGKC 79.66 Decreased By ▼ -1.14 (-1.41%)
FABL 32.51 Decreased By ▼ -0.59 (-1.78%)
FCCL 19.84 Decreased By ▼ -0.39 (-1.93%)
FFL 10.61 Increased By ▲ 0.04 (0.38%)
GGL 13.53 Decreased By ▼ -0.09 (-0.66%)
HBL 124.52 Decreased By ▼ -5.65 (-4.34%)
HUBC 119.55 Decreased By ▼ -3.07 (-2.5%)
HUMNL 7.92 Decreased By ▼ -0.13 (-1.61%)
KEL 4.49 Increased By ▲ 0.04 (0.9%)
LOTCHEM 27.82 Decreased By ▼ -0.10 (-0.36%)
MLCF 41.76 Decreased By ▼ -0.94 (-2.2%)
OGDC 125.24 Decreased By ▼ -0.37 (-0.29%)
PAEL 22.04 Increased By ▲ 0.69 (3.23%)
PIBTL 6.25 Increased By ▲ 0.13 (2.12%)
PIOC 116.05 Decreased By ▼ -1.95 (-1.65%)
PPL 113.96 Increased By ▲ 0.11 (0.1%)
PRL 30.11 Decreased By ▼ -1.69 (-5.31%)
SILK 1.25 Increased By ▲ 0.15 (13.64%)
SNGP 70.12 Increased By ▲ 0.72 (1.04%)
SSGC 13.56 Decreased By ▼ -0.16 (-1.17%)
TELE 9.51 Increased By ▲ 0.27 (2.92%)
TPLP 15.13 Increased By ▲ 0.38 (2.58%)
TRG 97.42 Increased By ▲ 4.57 (4.92%)
UNITY 28.26 Increased By ▲ 0.76 (2.76%)
WTL 1.71 Increased By ▲ 0.05 (3.01%)
BR100 6,781 Decreased By -34.3 (-0.5%)
BR30 23,966 Decreased By -279.4 (-1.15%)
KSE100 66,012 Decreased By -211.3 (-0.32%)
KSE30 22,048 Decreased By -75.1 (-0.34%)

Pakistan’s Oware raises $3.3mn in pre-seed round

  • Startup provides warehousing and distribution solutions, will use funds to further fuel product development and talent acquisition
Published April 28, 2022

Pakistan’s startups continued their fund-raising frenzy as Oware, a B2B warehousing and distribution solutions company, announced that it has raised $3.3 million in pre-seed funding on Thursday.

The round was backed by Silicon Valley investors including Flexport Fund and Ratio Ventures, along with global investors including Seedstars International Ventures, Osiris Group, Swiss Founders Fund, Reflect Ventures, +92 Ventures, Walled City Co, and other strategic angel investors.

Co-founded in June 2021 by Maersk and Careem alumni Raza Kazmi and Adil Nisar, respectively, Oware offers companies a flexible warehousing and intelligent distribution platform, ensuring flexible response to demand fluctuations and faster and more affordable delivery of goods.

The company is looking to utilise the latest funds to further fuel product development and talent acquisition to innovate and simplify supply chains across Pakistan and internationally.

"There is a huge opportunity in the B2B movement of goods across the region, but it remains immensely underserved," said Raza Kazmi, co-founder at Oware.

"Local businesses remain trapped in an archaic and opaque environment dealing with antiquated supply chain systems that are no longer fit for purpose and remain slow, limited, and capital intensive. The time to set up operations is too long, there is limited visibility or tracking of orders and the execution of processes is inefficient in terms of speed and cost, which we are on a mission to solve".

Oware says Pakistan’s logistics industry represents an over $35-billion market opportunity and provides approximately 6% of total employment.

However, a lack of warehouse flexibility and insights has led to overspending on warehousing and inventory, which results in expensive and late deliveries with poor visibility into operations.

Another round: Pakistan’s Abhi raises $17mn in Series A funding

Co-founder Adil Nisar said the long-term aim is to build a large-scale connected world of distribution that enables a faster route to market for our customers.

The startup says it has expanded its network to five cities, providing distribution to 75% of Pakistan’s population with same-day delivery and 85% of the population with next-day delivery. Oware is also looking to open additional fulfillment centers to meet demand and increase coverage.

Pakistan has been gripped with fundraising frenzy since last year when it attracted a record amount of nearly $350 million across 81 deals.

It seems to have carried on with its momentum, as startups announced raising another $163 million during the first quarter of 2022, an amount little under half of the entire sum raised in 2021, according to a Deal Flow Tracker by Invest2Innovate (i2i).

Last week, medIQ, founded by Dr Saira Siddique in July 2020, announced that it has raised $1.8 million in early-stage funding.


Comments are closed.

Pakistan’s Oware raises $3.3mn in pre-seed round

SBP seen as holding key policy rate as monetary policy committee meets Tuesday

Inter-bank: rupee settles lower against US dollar

KSE-100 retreats 211 points but stays above 66,000

Market cap: Pakistan’s energy giant Mari Petroleum joins billion-dollar club

Lifetime disqualification verdict, Elections Act amendment cannot co-exist: CJP

Fighting intensifies across Gaza, raising alarm over potential exodus into Egypt

Open-market: rupee unchanged against US dollar

Roshan Digital Accounts: inflow clocks in at $137mn in November

Mari Petroleum successfully drills development well in Sindh

IIOJK special status: Pakistan rejects Indian SC verdict on Article 370