Two Pakistani Startups Make it to Forbes Asia ‘100 To Watch’ List

Pakistani startups DealCart and NayaPay have made it to Forbes Asia 100 To Watch List, which spotlights small companies and startups on the rise across the Asia-Pacific region. Companies from 16 countries and territories are represented on this year’s list, operating in a total of 10 industries, such as enterprise technology and robotics, finance, and manufacturing and energy. India has the biggest presence this year with 20 companies, followed by Singapore (15), mainland China (10), Japan (9) and Indonesia (8). Founded in 2022, Karachi-headquartered DealCart operates an online grocery site aimed at Pakistan’s growing middle class. Customers can order fresh fruit and vegetables, snacks, detergents and other sundries. Small grocery stores can also sell on DealCart to tap its customer base. In July, the firm raised $3 million in a seed funding round co-led by Abu Dhabi-based Shorooq Partners and London-based Sturgeon Capital, Forbes highlighted. Fintech startup NayaPay, founded in 2016, operates a payments processing platform in Pakistan, aiming to help digitalize transactions between consumers and businesses. NayaPay’s app supports an e-wallet, virtual debit card and online payments. For businesses, NayaPay also offers point-of-sale devices that can be installed in stores. The fintech startup raised $13 million in a 2022 seed funding round led by Zayn Capital, MSA Novo and Graph Ventures, says Forbes. To select the finalists on the 100 to Watch list, Forbes Asia solicited online submissions, and invited accelerators, incubators, universities, venture capitalists and others to nominate companies as well. To qualify for consideration, companies had to be headquartered in the Asia-Pacific region, be privately owned for-profit ventures, and have no more than $50 million in annual revenue and no more than $100 million in total funding through Aug. 7. Forbes Asia team evaluated each submission, weighing factors such as impact on and contribution to their industry and region, market fit, promising business model, innovation, track record of consistent revenue growth and the ability to attract funding.