Abhi Private Limited (ABHI), a financial platform in Pakistan, has acquired an equity stake in Universal Network Systems Limited (UNSL)
UNSL, a cargo forwarder that also provides domestic and international courier and allied services, shared the development in its notice to the Pakistan Stock Exchange (PSX) on Friday.
“We are pleased to inform that Abhi Private Limited has acquired an equity stake comprising of 2,742,000 shares in the company,” said UNSL in a statement.
Last month, UNSL informed the bourse that Abhi would acquire an equity stake in the company, “making way for Pakistan’s largest platform to tap into fintech & logistics deployment in retail distribution of products across Pakistan”.
“Share purchase agreement between shareholders of UNSL and ABHI has been signed to complete the formalities for finalization of this transaction,” UNSL said back then.
Abhi’s platform enables employees of its partners to withdraw salary advances based on their accrued wages at any time. The fintech funds these advances, and hence, it has no effect on partner employer’s balance sheets and repayments are deducted from the employee’s salary.
Last week, Abhi raised the first-ever Sukuk bond for a fintech in the Middle East, Africa and Pakistan (MENAP) region. The bond worth Rs2 billion ($7.1 million) potentially opens a new funding line for startups that have struggled to attract funds in recent months.
The Karachi-based startup, which allows salaried employees to access funds before their payday, said demand for the Sukuk exceeded expectations, with subscriptions reaching twice the anticipated amount due to the company’s strong credit ratings, creditworthiness and profitability.
Last year, Abhi said it secured $17 million in a Series A fund-raising round led by international venture capital (VC) firm Speedinvest and supported by Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap and FJ Labs.
In June 2021, the company raised $2 million as seed investment, led by Vostok Emerging Finance. Later, in November, it said it had raised funds again, this time at a $40-million valuation, just months after introducing its business. The amount of funds raised in this round was not disclosed.