Abhi Pvt., a Karachi-based finance firm, has raised $90 million in capital within a year of launching. The firm recently raised $17 million in a Series A financing sponsored by Speedinvest.
The venture capital firm’s first investment in Pakistan is this one. Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, FJ Labs, Fatima Gobi, Sarmayacar, and i2i Ventures were among the other investors.
Pakistani entrepreneurs have drawn both local and international investors in recent years, aiming to tap on the country’s enormous potential. Startups raised more than $350 million in 2021 alone, more than in the previous six years combined. Abhi provides people with an alternative to relying on their employment, family, or friends for cash until their next paycheck. Small and medium-sized enterprises (SMBs) can also get funding for their working capital needs from the corporation.
Omair Ansari, Abhi’s Chief Executive Officer, stated:
“This is the first time you’ve had access to this information in the country. As more consumers and small businesses gain access, it becomes something they want to continue utilising.”
The software takes only a few seconds for registered users to access funds for a flat transaction cost of 2%. The funds are automatically withdrawn from the user’s following paycheck. Since its previous round in November, the company has grown from 200,000 to over 650,000 users and registered over 150 businesses. Individuals are now able to access 15% to 20% of their monthly income using the app, according to Ansari.
The Abhi founders had this to say about the investment:
“We’re on a mission to financially empower salaried Pakistanis, and we’re only getting started! ABHI is excited to work with additional businesses to assist them and their workers benefit from the wide range of financial wellness programmes we offer.”
Stefan Klestil, General Partner at Speedinvest, told about the recent investment:
“Abhi has the potential to alter the lives of millions of people across the Middle East, North Africa, and South Asia. It’s little surprise they’ve established themselves as one of Pakistan’s fastest-growing firms.”
