MAGNiTT Intelligence: Who are Pakistan's top 3 funded startups?
According to MAGNiTT’s H1 2020 Pakistan Venture Investment Report, the country witnessed a 10% drop in funding activity from $11M to $10M and a 13% increase in total funding from 15 to 17 investment deals from H1 2019 to H1 2020. Furthermore, as of H1 2020, Pakistan ranked joint 4th with Jordan by total funding after Saudi Arabia and ranked 5th after Oman by the number of investment deals.
When compared to its neighboring countries in the Middle East and North Africa (MENA) region, Pakistan’s venture investment space is relatively nascent, given the size of its population. Although that might be the case, the Pakistani startup scene has witnessed significant fund-raises, excluding Carfirst’s $89M fund-raise, since 2015, starting with AliBaba Group’s $55.6M Series A investment in Daraz.pk, Pakistan’s largest E-Commerce platform, followed by a $20M Series C funding round raised by the real estate startup Zameen.
Highest funded Pakistan-based startups
1. Daraz.pk
Founded by Muneeb Maayr and Farees Shah in 2012, Daraz.pk is a Pakistan-based online marketplace that operates in South and Southeast Asian markets. In 2015, the E-Commerce startup received more than $50M in funding from AliBaba Group, in order to expand operations into Bangladesh and Myanmar.
Daraz.pk was acquired in 2018 by AliBaba Group for an undisclosed amount after the company made its own acquisition of Kaymu back in 2016, a consumer-to-consumer marketplace in South Asia.
Discover more than 60 Pakistan-based E-commerce startups on MAGNiTT
2. Zameen.com
Launched in 2006, Zameen.com is a Pakistan-based online property portal that lists real estate dealers, developers, agencies, and properties for sale and for rent. Zameen is amongst many other online property portals that are owned by the Emerging Market Property Group, such as Bayut in the United Arab Emirates, Bproperty in Bangladesh, Mubawab in North Africa, and Kaidee in Thailand.
Discover 15 Pakistan-based Real Estate startups on MAGNiTT
3. Labcloud
LabCloud is a web-based, easy to use management system for pathological labs to manage their data online. Using Labclouds, patients can connect with labs through the online platform to provide lab services at home and allow users to view reports online. Founded by H.M.Najam Minhaj Mukhtar in 2017, the startup only received one funding round of $10M led by 10xC, a Karachi-based tech accelerator and seed venture fund launched by Planet N.
Discover more than 20 Pakistan-based Technology startups on MAGNiTT
Download MAGNiTT’s high-level FREE H1 2020 Pakistan Venture Snapshot or check out our H1 2020 Pakistan Venture Investment Report for more in-depth and comprehensive insights and analysis on venture investment trends within Pakistan’s startup ecosystem.