Two Pakistani startups, DealCart and NayaPay, have made their way to the Forbes list of Asia 100 To Watch 2024.
According to the list shared on Forbes website on Tuesday, Karachi-headquartered DealCart that operates an online grocery site and fintech startup NayaPay that offers a payments processing platform were included in the fourth annual Forbes Asia 100 to Watch list that showcases small companies and startups in Asia-Pacific that “grabbed investors’ attention”.
6 months of 2024: Pakistan’s startup funding falls 92%, amounts to measly $3mn
Companies from 16 countries and territories were 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, a hotbed of startups, has the biggest presence this year with20 companies, followed by Singapore (15), mainland China (10), Japan(9) and Indonesia (8).
“Collectively, these firms have drawn over $2 billion in total investments to date, with 83 of them raising money since the start of 2023–even as venture capital funding in the region hit a seven-year low last year.
“Some companies we’ve spotlighted tell a story of steady growth, underscoring that success is not an overnight feat. Others have quickly gained traction to secure a foothold in some of the world’s hottest industries, such as spacetech, biotech and robotics, where a race is on to corner the first-mover advantage,” Forbes said.
According to the information given on the Forbes website, 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 2024, the firm raised $3 million in a seed funding round co-led by Abu Dhabi-based Shorooq Partners and London-based Sturgeon Capital.
Earlier, just four months after DealCart was established in 2022, the startup also raised $4.5 million in a pre-seed funding round.
Meanwhile, NayaPay operates a payments processing platform in Pakistan, aiming to help digitalise 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.
In 2023, five Pakistanis were featured on Forbes’ ‘30 Under 30 Asia’ list. It featured young delegates making a difference across ten industries; entertainment and sports; finance and venture capital; enterprise technology; media, marketing and advertising; industry, manufacturing and energy; social impact; consumer technology; the arts; retail and commerce and healthcare and science.