Pakistani startups raised $345+ million in venture capital funding in 2021.
It was a tremendous year for Pakistani startups.
64 deals, 53 startups, and $345+ million raised in disclosed startup funding. That’s more funding than the previous eight years combined.
In this post, I do a round-up of all the Pakistani startups that raised venture capital funding during the year 2021.
1) Edkasa
The Lahore-based EdTech startup raised $320,000 in pre-seed funding from i2i Ventures, Walled City Co., Zayn Capital.
2) Chkar
The Gilgit-Baltistan-based hospitality startup raised $300,000* in seed funding from MFSYS.
*Converted from PKR.
3) Transport by air
20 VC, Buckley Ventures, Quiet Capital, and Indus Valley Capital together contributed $85 million to the Lahore-based rapid commerce firm.
Airlift has raised $109.2 million in reported investment as of 2021. Making it Pakistan’s most well-funded startup.
4) RINSTRA
The Islamabad-based digital media platform raised $2 million in Series A funding from undisclosed investors.
5) VinnCorp
The Karachi-based B2B app development startup raised $100,00 in seed funding from HRSG.
6) Fitoor
The Karachi-based e-commerce startup selling art raised $15,000 in seed funding from Bunyaad.
7) 24Seven.pk
The Lahore-based grocery delivery startup raised $150,000 in seed funding from SOSV.
8) Dastgyr
In March, the Karachi-based B2B e-commerce marketplace raised $150,000 in seed funding from SOSV.
In July, Dastgyr raised an additional $3.3 million in Seed funding from SOSV, ADB Ventures, Seedstars, Edgebrook Partners, Zayani Venture Capital, and Tricap investments.
As of 2021, Dastgyr has raised $3.5 million in disclosed funding.
9) Remotebase
The Lahore-based remote placement startup raised $1.4 million in seed investment from Indus Valley Capital, Draper Associates, and Hustle Fund.
10) Sehat Kahani
Islamic Development Bank, 10Pearls Ventures, Mentors Fund, Impact Fund, Impact Investment Exchange, KASB Securities, and Din Group all contributed $1 million in pre-Series A investment to the Karachi-based telemedicine business.
Sehat Kahani has raised $1.5 million in public support as of 2021.
11) Udhaar
The Karachi-based accounting firm received $125,000 in funding from Y Combinator’s Winter 2021 batch in March.
Fatima Gobi Ventures, Muir Capital, JAM Fund, Commerce Ventures, Liberty City Ventures, Atlas Ventures, and Integra Partners together contributed $6 million in seed investment to Udhaar in November.
Udhaar has raised $6.1 million in public support as of 2021.
12) Sadapay
The Islamabad-based neobank raised $7.2 million in seed funding from Recharge Capital, Kingsway Capital, and Raptor Group.
As of 2021, Sadapay has raised $9.3 million in disclosed funding.
13) dTrade
Polychain Capital, Pnyx Ventures, ParaFi Capital, Meltem Demirors, Hypershare Ventures, Divergence Ventures, CMS Holdings, and AU21 Capital invested $885,000 in the Karachi-based crypto derivatives business in January.
Three Arrows Capital, DeFiance, Polychain Capital, ParaFi Capital, Huobi, Mechanism Capital, Bixin Ventures, IOSG Ventures, Hypersphere Ventures, and Fenbushi Capital invested $6.4 million in dTrade in May.
dTrade has raised $7.3 million in public support as of 2021.
14) Truck It In
Global Founders Capital, Fatima Gobi Ventures, Deosai Ventures, BitRate VC, and +92 Ventures all contributed $1.5 million in pre-seed capital to the Karachi-based freight marketplace business in April.
Truck It In received a $3 million pre-seed investment from Global Founders Capital, Fatima Gobi Ventures, Picus Capital, and Zayn Capital in September.
Truck It In has raised $4.5 million in reported investment as of 2021.
15) Jabberwock Ventures (Cheetay/Swyft)
Hummer Winblad Venture Partners, Doris Duke, and Advent International invested $18.5 million in Jabberwock Ventures, the parent company of Cheetay and Swyft.
The exact sum raised by Jabberwock is unknown, however it is thought to be in the range of $16–$20 million. Jabberwock Ventures reportedly aimed to fund $40 million, but only managed to obtain $16.7 million, according to Sec Form D. However, according to a reliable source, the true figure is close to $18.5 million.
16) Creditbook
BitRate VC, Venture Souq, Better Tomorrow Ventures, Ratio Ventures, Toy Ventures, Quiet Capital, and i2i Ventures together invested $1.5 million in the Karachi-based accounting and payments firm in May.
Tiger Global, Better Tomorrow Ventures, Firstminute Capital, Banana Capital, VentureSouq, Ratio Ventures, and i2i Ventures together contributed $11 million in pre-Series A fundraising to Creditbook in December.
Creditbook has raised $12.5 million in public support as of 2021.
17) RetailO
Shorooq Partners, Abercross Holdings, AgFunder, and Arzan Venture Capital contributed $6.7 million in early capital to the Karachi-based (HQ in Saudi Arabia) B2B e-commerce portal.
RetailO has raised $9 million in public support as of 2021.
18) Tajir
Kleiner Perkins, Y Combinator Continuity Fund, AAVCF, Fatima Gobi Ventures, Flexport, Golden Gate Ventures, Liberty City Ventures, and VentureSouq invested $17 million in the Lahore-based B2B e-commerce marketplace.
Tajir has raised $19 million in public support as of 2021.
19) TAG
Quiet Capital, Liberty City Ventures, Fatima Gobi Ventures, and Unpopular Ventures all contributed $5.5 million in pre-seed capital to the Islamabad-based neobank in June.
TAG graduated from Y Combinator’s Summer 2021 cohort in September and raised $125,000.
TAG also received a $12 million round of initial investment in September from Liberty City Ventures, Canaan Partners, Addition, Mantis, Fatima Gobi Ventures, and Banana Capital.
TAG has raised $17.6 million in public support as of 2021.
20) KTrade
The Karachi-based retail stock trading startup raised $4.5 million in seed funding from TTB Partners and HOF Capital.
21) Abhi
Vostok Emerging Finance, Village Global, Sarmayacar, i2i Ventures, and Zayn Capital invested $2 million in the Karachi-based salary advance firm in June.
Abhi graduated from Y Combinator’s Summer 2021 cohort in September and raised $125,000.
Global Ventures, Next Billion Ventures, VEF AB, Rally Cap, Sarmayacar, VentureSouq, TPL e-Ventures, and i2i Ventures joined Abhi in a bridge round in November. The amount of financing has not been revealed.
Abhi has raised $2.1 million through public support as of 2021.
22) Dawaai
The Karachi-based online pharmacy raised $8.5 million in Series A funding from 500 Startups and Sarmayacar.
As of 2021, Dawaai has raised $10.5 million in disclosed funding.
23) Jugnu
The Karachi-based B2B Marketplace startup raised $3.2 million in Series A funding from Systems Limited.
24) Rare Sense
The Lahore-based crypto startup raised $400,000 in seed funding from undisclosed investors.
25) Grocer App
Hayaat Global, Millville Opportunities Fund, Wamda Capital, Jabbar Internet Group, Nama Ventures, Haitou Global, Lean Bricks, and Walled City Co. invested $5.2 million in the Lahore-based supermarket firm.
Grocer App has raised $6.2 million in public financing as of 2021.
26) Trivzia
The Lahore-based streaming platform raised $400,000 in seed funding from 47 Ventures.
27) SmartChoice
The Karachi-based insurance marketplace raised $150,000 in seed funding from SOSV.
28) Swag Kicks
The Karachi-based e-commerce marketplace for shoes raised $150,000 in seed funding from SOSV.
29) Trukkr
The Karachi-based freight marketplace startup raised $600,000 in seed funding from Anchorless and Kinnow VC.
30) DigiKhata
MSA Capital, Shorooq Partners, SOSV, and +92 Ventures collectively contributed $2 million to the Faisalabad-based small company accounting startup.
31) Marham
Indus Valley Capital invested $1 million in the Lahore-based HealthTech marketplace firm.
32) Bazaar
Indus Valley Capital, Global Founders Capital, S7V, Wavemaker Partners, Derayah Venture Capital, and Next Billion Ventures invested $6.5 million in the Karachi-based B2B e-commerce marketplace in January.
Defy Partners, Wavemaker Partners, Acrew Capital, Saison Capital, Zayn Capital, B&Y Venture Partners, Indus Valley Capital, Global Founders Capital, Next Billion Ventures, and Alter Global invested $30 million in Bazaar in August.
Bazaar has raised $37.8 million with public support as of 2021. It is now Pakistan’s second most well-funded startup.
33) Walee
Z2C provided $2.7 million in venture investment to the Islamabad-based AdTech firm in the influencer marketing area.
34) Ailaaj
The Lahore-based HealthTech marketplace startup raised $1.6 million in seed funding from JS Group, Fazal Din Group, and Leonine Tech Ventures.
35) BridgeLinx
Buckley Ventures, Indus Valley Capital, Wavemaker Partners, Quiet Capital, TrueSight Ventures, Soma Capital, Flexport, and UNTITLED all contributed $10 million to the Lahore-based freight trade firm.
36) Maqsad
The Karachi-based EdTech startup raised $2.1 million in pre-seed funding from Indus Valley Capital, Alter Global, and Fatima Gobi Ventures.
37) Healthwire
47 Ventures, Habib Bank Limited, and Dilsons Private Limited contributed $3.3 million to the Lahore-based healthcare marketplace.
Healthwire has received $4 million in declared financing as of 2021.
Here’s the whole list if you enjoy spreadsheets. Please DM me on Twitter with the URL to the startup financing announcement if you believe I missed one.
This list contains active firms with VC or Angel funding that were formed or co-founded by a Pakistani, are based in Pakistan, or have the bulk of their operations, staff, or founders/co-founders in Pakistan.
38) QisstPay
The Islamabad-based BNPL startup raised $15 million in seed* funding from MSA Capital, Global Founders Capital, Fox Ventures, First Check Ventures, and United Bank Limited.
*The round was a mixture of pre-seed, seed, and debt. Because details are not available, we are filing this under seed for simplicity’s sake.
39) PostEx
MSA Capital, Shorooq Partners, Zayn Capital, VentureSouq, PNO Ventures, and +92 Ventures invested $1.5 million in the Lahore-based payments and loans firm in October.
Global Founders Capital, FJ Labs, ru-Net, MSA Capital, VentureSouq, Alma Capital, Zayn Capital, and Shorooq Partners together contributed $7.1 million in seed capital to PostEx in November.
PostEx has raised $8.6 million in public support as of 2021.
40) Integry
The Lahore-based application integration startup (HQ in the U.S.) raised $3 million in seed funding from Bonfire Ventures, Operator Collective, Basecamp Fund, Silicon Badia, and Lead Pencil.
41) Scholar Den
The Lahore-based EdTech startup raised $75,000 in pre-seed funding from multiple angel investors.
42) Bagallery
Zayn Capital, Lakson Venture Capital, and Hayaat Global invested $4.5 million in the Karachi-based cosmetics and fashion e-commerce firm.
Bagallery has raised $5.4 million in announced investment as of 2021.
43) Munchies
Unilever Pakistan and VentureDive provided $2.5 million in pre-seed investment to the Karachi-based fast commerce firm.
44) Rider
Global Founders Capital, Fatima Gobi Ventures, TPL E-Ventures, Transhold, and Asian Development Bank invested $2.3 million in the Karachi-based e-commerce logistics firm.
45) Zarya
The Lahore-based social commerce startup raised $1.7 million in pre-seed funding from Fatima Gobi Ventures, Class 5 Global, and Global Founders Capital.
46) Savyour Global
Founders Capital, Zayn Capital, Fatima Gobi Ventures, Rally Cap Ventures, +92 Ventures, and Suya Ventures together invested $3.3 million in the Karachi-based cashback and incentives network.47) Lettus Kitchens
The cloud kitchen business from Islamabad secured $250,000 in initial investment from numerous angel investors.
48) Clicky
Tricap Investments, CSHL, and numerous angel investors contributed $2.4 million in pre-Series A capital to the Lahore-based e-commerce business.
49) Bookme.pk
The Lahore-based e-ticketing startup raised $7.5 million in Series A funding from Zayn Capital, Lakson Venture Capital, Hayaat Global, BY Ventures, Jabbar Internet Group, Millville Opportunities, and Mentors Fund.
As of 2021, Bookme.pk has raised $8.8 million in disclosed funding.
50) Tazah
Global Founders Capital, Zayn Capital, Ratio Ventures, Walled City Co, i2i Ventures, Suya Ventures, Globivest, Afropreneur Syndicate, +92 Ventures, Sunu Capital, Musha Investments and others invested $2 million in the Lahore-based agri-tech marketplace in October.
Fatima Gobi Ventures, Vibe Capital, Shorooq Partners, Nuwa Capital, Ru-net, Alter Global, Julian Capital, Kinnow Capital, Early Grey Capital, K3 Fund, Global Founders Capital, Zayn Capital, i2i Ventures, and Angel investors Sahil Bloom, Siqi Chen, and Matt Brezina all contributed $4.5 million in pre-seed funding to Tazah in December.
Tazah has raised $6.5 million in public support as of 2021.
51) Krave Mart
MSA Capital, ru-NET, Global Founders Capital, Zayn Capital, Saison Capital, 2AM, Mehta Ventures, Jedar Capital, and Lakson Venture Capital participated in a $6 million pre-seed fundraising round for the Karachi-based rapid commerce firm that delivers groceries.
52) Jiye
Sarmayacar, Access Bridge Ventures, Jabbar Internet Group, EquiTie, Seedstars, and angel investors from MENAP, Europe, and North America contributed $2.5 million in pre-seed capital to the Lahore-based agri-tech platform.
53) Oraan
The Karachi-based committee (community savings) startup raised $3 million in Seed funding from Zayn Capital, Resolution Ventures, i2i Ventures, Hustle Fund, Haitou Global, and Wavemaker Partners.
