Forbes Asia has released its fifth annual “100 to Watch” list, spotlighting the dynamic landscape of startups and small enterprises across the Asia-Pacific region. This yearly index highlights young companies making significant strides in innovation, sustainability, and technology while shaping the future of industries in the region. Despite recent global funding challenges, the list reflects resilience and renewed investor interest, with many companies focusing on artificial intelligence, biotechnology, spacetech, and green technologies to drive growth.
The 2025 edition features representation from 16 countries and territories, underscoring the diversity and competitiveness of Asia-Pacific’s startup ecosystem. India leads the tally with 18 companies, followed closely by Singapore and Japan, which secured 14 spots each. China made its mark with 9 entries, while Indonesia and South Korea each had 8 companies on the list. Australia contributed 7 firms, signaling strong activity across multiple markets. According to a recent KPMG report, venture capital activity in India, Japan, and Singapore has gained momentum this year after a significant slump in 2024, a trend that is mirrored in the profiles of the selected companies. Collectively, the startups on the list have already raised nearly $3 billion in funding, compared with $2 billion by last year’s cohort, with biotechnology and healthcare forming the largest category of representation, followed by enterprise technology and robotics.
Among the Pakistani companies making their mark on the list are Haball and PostEx, both of which operate in the finance sector with distinct business models addressing local market needs. Karachi-based Haball, founded in 2017 and led by CEO Omer Bin Ahsan, provides Shariah-compliant supply chain financing and payment solutions. Its services include digital invoicing, tax compliance, and working capital financing, with the company reporting over $3 billion in processed payments to date. Earlier this year, Haball secured $52 million in a pre-series A funding round, combining $5 million in equity financing led by Zayn VC and $47 million in strategic financing from Meezan Bank, Pakistan’s largest Islamic bank. This infusion of capital positions Haball to expand its role in advancing digital financial infrastructure across Pakistan’s business ecosystem.
Another notable Pakistani entry, PostEx, founded in 2020 and led by CEO Muhammad Omer Khan, operates at the intersection of logistics and fintech, addressing the challenges of Pakistan’s largely cash-based e-commerce sector. Initially launched as a delivery company, PostEx pivoted to providing upfront cash payments to online sellers, collecting customer payments upon delivery to improve merchant cash flows. In 2022, PostEx acquired Call Courier, a major logistics provider, which helped it become the largest e-commerce delivery network in Pakistan. The company continues to scale its operations, raising $7.3 million in a pre-series A round last August led by Conjunction Capital, with plans to expand its services into the Middle East.
The recognition of Haball and PostEx alongside regional peers underscores the growing influence of Pakistani startups within the broader Asia-Pacific innovation ecosystem. With their contributions in fintech and logistics, they are not only helping redefine traditional business models but also signaling Pakistan’s emergence as a player in regional technology and entrepreneurship. Their inclusion in the Forbes Asia 100 to Watch list highlights the country’s potential in producing solutions that resonate beyond borders and reflect wider trends in digital transformation, financial inclusion, and e-commerce evolution across the region.
Follow the SPIN IDG WhatsApp Channel for updates across the Smart Pakistan Insights Network covering all of Pakistan’s technology ecosystem.
