Pakistani Startups Raise $15 Million in Q3 2024

Pakistan’s startup ecosystem is bouncing back, raising $15 million across four deals in the third quarter of 2024, showing a 650 percent increase from the last quarter.   According to the Invest2Innovate report, local startups in Fintech and Mobility & Supply Chain Logistics are raising funds despite global VC funding seeing a dip.  DealCart, a social e-commerce startup focused on transforming the way Pakistani consumers access essential goods, successfully raised $3 million Seed in a funding round led by Shorooq Partners and Sturgeon Capital.   The round also saw participation from 500 Global, Evolution VC, Rayn Capital, and Khyber Venture Partners. This capital infusion will support DealCart’s mission to expand its reach and provide affordable essential goods to low- and middle-income consumers across Pakistan.   Zyp Technologies raised $1.5 million in Series Pre-A funding led by Shorooq Partners to enable a city-wide launch of Zyp’s electric smart mobility technologies in Lahore, Pakistan, marking a pivotal step towards meeting the nation’s ambitious environmental goals.   Existing investor Indus Valley Capital doubled down in this round and was joined by several angel investors. With this investment, Zyp will create over 60 battery swap stations and deploy 1000 of its Zyp Utility Motorcycles (ZUM 2000) in the next 12 months. The smart motorcycles have fleet management software capabilities that include accident alerts, anti-theft features, and location tracking.   PostEx, a Lahore, Pakistan-based developer of a hybrid model of fintech and logistics to access to capital, raised $7.3 million in Pre-Series A funding. The round was led by Conjunction Capital, along with Dash Ventures, Sanabil500, VSQ, FJ Labs, and Zayn VC. The company intends to use the funds to consolidate its market position in Pakistan and support expansion into the GCC. Qist Bazaar, a Karachi, Pakistan-based “buy now pay later” (BNPL) fintech startup, raised $3.2 million in Series A funding. The round was led by Indus Valley Capital, with participation from Gobi Partners. Bank Alfalah has already invested, leading the seed round.   The company intends to use the funds to accelerate its growth by expanding its product portfolio, enhancing its technology infrastructure, and scaling operations across Pakistan.  Overall, 67 percent of funding rounds were led by international VCs, which was a positive side. With improving economic conditions, the last quarter could see even more deals, the report commented.