• Download the Constitution of Pakistan
  • Advertise
WRITE FOR US
Economy.pk
No Result
View All Result
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos
No Result
View All Result
Economy.pk
No Result
View All Result
Home Business

Pakistani Startup has raised a funding of $17 million in Series A at a valuation of $90 million

by News Desk
April 19, 2022
in Business, Entrepreneurship, Finance
Reading Time: 2 mins read
Pakistani Startup has raised a funding of $17 million in Series A at a valuation of $90 million
Share on FacebookShare on Twitter

Abhi, Pakistan’s first financial wellness platform has completed a $17 million Series A fundraising, allowing employees to access their salary in advance.

Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, and FJ Labs all contributed to the fundraising, which was headed by international venture capital (“VC”) company. Regional VC firms and current investors, Fatima Gobi, Sarmayacar, and i2i Ventures, were also present.

Abhi was founded in 2021 by Omair Ansari and Ali Ladhubhai to reduce financial stress for employees by allowing them to satisfy their financial responsibilities without falling into debt traps – while also benefiting employers. Abhi’s platform enables interest-free and Shariah-compliant access to collected wages in advance. Employees use Abhi’s app or website to request an advance paycheck, and funds are put into the employee’s preferred account, with automatic withdrawals on the following payroll — removing any chance of overspending. It also aids enterprises with operating capital requirements, such as SMEs.

The funds will be utilized to assist excessive customer demand, expand Abhi’s team (which has grown from 15 to 48 employees since November 2021), and improve marketing capabilities.

Cnergyico, Sporty, Din Group, Agha Steel, and United King are among the hundreds of companies with whom Abhi currently collaborates. Abhi has partnered with United Bank Limited and Bank Alfalah and has expanded its offering to include business financing, making it B2B as well as B2C. 85 percent of the economy, implying that Abhi’s business model expansion represents a significant commercial opportunity far beyond the company’s initial target market.

“We are delighted to announce this $17 million fundraising round,” stated Abhi’s Chief Executive Officer, Omair Ansari. Since our debut in July 2021, we’ve grown quickly, and our momentum has created a big B2B potential.

“Payroll has traditionally been one of the greatest markers of financial stability,” said Stefan Klestil, General Partner at Speedinvest. Abhi has the potential to affect millions of lives across MENA and South Asia, thanks to Omair and Ali’s vision.”

“Abhi was our first investment in Pakistan,” stated Sacha Haider, Partner at Global Ventures. Earned Wage Access, in our view, is a powerful tool for enabling financial wellness in the workforce. We can already notice the good impact and look forward to continuing to assist Abhi’s development.”

Tags: AbhilatestPakistani startup
News Desk

News Desk

Related Posts

Budget 2023-24: Pakistan plans to hike prices of cars

Budget 2023-24: Pakistan plans to hike prices of cars

In the upcoming fiscal year 2023-24 budget, the federal government is considering imposing a withholding tax (WHT) on locally built...

Govt sets 3.5pc GDP growth target for FY 2023-24

Govt sets 3.5pc GDP growth target for FY 2023-24

Pakistan's government established a 3.5 percent GDP growth target for the fiscal year 2023-24, with agriculture growing at 3.5 percent,...

Ishaq Dar vows to steer country out of existing hardships

FM Ishaq Dar vows to steer country out of existing hardships

Finance Minister Ishaq Dar vowed on Saturday to help steer the country out of its current predicament. While speaking to...

PIA announces to restore Karachi-Skardu flights

PIA announces to restore Karachi-Skardu flights

This move comes as part of the airline’s initiative to promote tourism in Pakistan. Initially, the Pakistan International Airline (PIA)...

Is Pakistan launching digital currency?

Is Pakistan launching digital currency?

After excellent development in digital banking, the State Bank of Pakistan (SBP) plans to establish a digital currency in the...

Pakistan to Kick off Barter Trade with Iran, Russia and Afghanistan

Pakistan to Kick off Barter Trade with Iran, Russia and Afghanistan

The federal government has recently introduced a 'Business-to-Business (B2B) Barter Trade Mechanism' for trade with Iran, Afghanistan, and Russia. This...

Next Post
PM Shahbaz Sharif meets Army Chief Gen Qamar Javed Bajwa

PM Shahbaz Sharif meets Army Chief Gen Qamar Javed Bajwa

Recent Posts

  • Two soldiers martyred in skirmish with terrorists in Bannu: ISPR
  • Court dismisses case against Yasmin Rashid
  • Budget 2023-24: Pakistan plans to hike prices of cars
  • Here is How Many Pakistani Universities Make It to the Times Impact Rankings 2023
  • Sindh to establish international standard resort at Keenjhar Lake

Advertisement

Twitter

Economy.pk

Economy.pk is a source of economic, political, business, finance, health and sports updates.

Categories

  • Economy
  • Politics
  • Technology
  • Education
  • Life & Style
  • Health
  • World
  • Videos

Privacy & Legal

  • Privacy Policy
  • Cookies

Social Media

  • Facebook
  • Instagram
  • Twitter
  • Linkedin
  • About
  • Advertise
  • Contact

© 2023 Economy.pk

No Result
View All Result
  • VIDEOS
  • World
    • Europe
    • Americas
    • Asia
    • Oceania
    • Africa
    • Middle East
  • Finance
  • Politics
  • Business
    • Economy
    • Finance
    • Entrepreneurship
    • Real Estate
  • Technology
    • Cyber Security
    • Mobiles
    • Social Media
  • Education
  • Sports
  • Life & Style
    • Personalities
    • Art
    • Culture
    • History
    • Entertainment
    • Fashion
    • Food
    • Health
      • Environment
      • Fitness
  • Sponsored

© 2023 Economy.pk