IoT Startup Car Chabi raises $150,000 in seed funding from Treet Corporation Pakistan
The IoT startup, Car Chabi bagged an investment if $150,000 from Treet Corporation. Char Chabi will now be handled under a parent company, RoboArt Pvt. Ltd. This Pakistani startup provides digital keys for car using smartphones.
What is Car Chabi?
The IoT startup looks forward to update automobile in Pakistan. Not only the startup provides the digital keys for the cars via smartphones but there are certain other tasks you can handle with smartphones likes users can lock/unlock, turn on and off, start/stop, secure, and turn the AC and heater on/off.
The two talented young entrepreneurs are leading the team. Muhammad Ali Rashid is providing services as the CEO and the duty of COO is done by Hammad Siddiqui.
The startup started serving in January last year. The boys caught on the idea of digitalizing car keys when they were working as engineering graduates. As the startup launched, it bagged appreciation and was a huge success. They were successful to sell 1000 units of Car Chabi device. It was able to generate revenue of $30k. They became runners up at the Throw-a-thon that was held in LUMS. Moreover, it was listed among the Top 12 Startups at TIE Lahore.
PlanX is accelerator that Car Chabi is currently working with. The Treet Corporation Ltd. invested a $150,000 in Car Chabi. COO of Car Chabi, Hammad Siddiqui looked excited about the investment and was of the view,
“This investment has helped us to expand our team and will allow us in the research and development of new products. We will also be focusing on mass production of our current product, Car Chabi and looking to expand all over Pakistan as well as the Middle East.”
On the other hand Syed Shehryar Ali, the Executive Director of Treet Group of Companies said,
“Automation is the future and Pakistan still has a long way to go. Car Chabi will get the first mover advantage. A decade or two ago what we considered a luxury (cell phones, laptops etc. have now all become a necessity). There is no doubt in my mind that automation of products will follow this trend in years to come. I think it’s a great investment otherwise, I wouldn’t have gone for it.”
Even though the startup will now work under the parent company, the team will be the same.