Fine Traders is a rent-to-buy startup founded by Shabana Jamshaid that started its operations in April 2017 with an aim to serve the lower income class of Pakistan. The startup offers affordable installments of Rs20-60 per day or Rs140-420 per week, and enables households to buy durable goods that they otherwise would not be able to afford.
Speaking to a local newspaper, the founder said she got the idea from her maid who used to take small loans from Jamshaid to buy home appliances, the installment of which would be deducted from her salary.
According to her, she shared the idea with her husband Imran Butt, who runs an electronics shop at Shalmi market in Lahore that led the husband and wife to facilitate consumers on Bund Road, Multan Road, Sanda and Shahdara, the low-income areas in Lahore.
Furthermore, the startup had just started out with an investment of Rs500000 and have gone to record a growth of 140% in just one year. According to Shabana, by July 2018, the startup had over 1,000 customers and its revenue surged to Rs12 million. The business made 28% gross profit and 18% net profit in its first year.”
Moreover, Yusuf Hussain speaking to local newspaper commented, “The success of startups like Fine Traders demonstrates how the right incubator model can accelerate innovation that makes life better for our fellow citizens at the bottom of the pyramid.”
Fine traders is incubated at the National Incubation Center in Lahore and is aimed at improving the living standards of people who reside in low income areas.
