Skip to main content

Pakistani fintech startup PostEx raises $7.3m in pre-series A funding

PostEx, a fintech startup, has announced that it raised $7.3 million in pre-series A funding round, which provides startups the necessary capital to further develop their business, it became known on Tuesday.

Pre-series A funding is an intermediate investment round between seed funding and series A, aimed at helping startups bridge the gap by refining their product and achieving key milestones before a larger series A round.

According to the press statement by the startup, “The proceeds will assist PostEx in consolidating its market leadership in Pakistan and support an aggressive expansion into the Gulf Cooperation Council (GCC) — where new markets and customers will have access to PostEx’s services.”

The round was led by Conjunction Capital, a global venture capital firm that is technology-centric, while other investors included Dash Ventures, Sanabil500, VSQ, FJ Labs, and Zayn VC.

The startup, according to the statement, utilises a hybrid model of fintech and logistics to provide instant access to capital, removing “conventional barriers and challenges of traditional financing methods”.

“Access to capital is critical for online businesses looking to scale; those with adaptable financing partnerships are strategically positioned to leverage opportunities as they arise, driving business success,” the statement read.

The country’s US$6 billion e-commerce sector accounts for just 1-2 per cent of total retail transactions, versus a global average of 15pc, the statement read.

The round follows “a very successful 18 months” for the startup meeting several financial and operational milestones, including an annual recurring revenue of $21 million.

Muhammad Omer Khan, chief executive of PostEx, highlighted, “While the GCC and Pakistan have a thriving and fast-growing e-commerce landscape, the reality is that legacy financial institutions don’t fulfil the needs of digital entrepreneurs and online businesses.”

He said that PostEx’s mission was to empower online sellers by providing access to the “right capital” for their businesses to grow.

Meanwhile, Kirill Kozhevnikov, managing and founding partner at Conjunction Capital, said that the firm’s investment in PostEx underscored “the strategic importance of the Saudi Arabian market as a key growth area within the GCC”.



from The Dawn News - Home https://ift.tt/GIg0ANq

Labels

Labels:

Comments

Post a Comment

Popular posts from this blog

The Republican primary race for president in 2024

The Republican primary race for president in 2024 is already shaping up to be a competitive one. There are a number of high-profile candidates who have already announced their intention to run, and more are expected to join the field in the coming months. The frontrunner for the nomination is former President Donald Trump. Trump has been teasing a 2024 run for months, and he has a large and loyal following among Republican voters. However, he is also a polarizing figure, and his candidacy could alienate some moderate Republicans. Another potential contender for the nomination is Florida Governor Ron DeSantis. DeSantis has been praised by many conservatives for his handling of the COVID-19 pandemic and his opposition to vaccine mandates. He is also seen as a rising star in the Republican Party. Other potential candidates include former Vice President Mike Pence, former Ambassador Nikki Haley, and Senator Tim Scott. Pence is a more traditional Republican who could appeal to moderate vote...
1 comment
Read more

Ministers rubbish notion that proposed retirement age extension to favour ‘one particular institution’

Information Minister Attaullah Tarar on Tuesday rubbished the notion that a proposed extension in the retirement age was to favour “one particular institution”, adding that the move would be implemented across the board if approved. The rebuttal comes in the wake of media reports claiming that the government was mulling changes to the Constitution to fix the tenure of the chief justice . Currently, judges of the Supreme Court, including the chief justice, retire after attaining the age of superannuation, i.e. 65 years, as stipulated in Article 179 of the Constitution. While giving his opinion recently on the reports of the constitutional amendment, Law Minister Azam Nazeer Tarar had said he “will not vehemently turn down the proposals related to the tenure of the chief justice”. Addressing the issue during a press conference in Islamabad today along since Finance Minister Muhammad Aurangzeb and the law minister, Attaullah said the extension in the retirement age was “a proposal to a...
Post a Comment
Read more

Man arrested after allegedly raping 8-year-old girl in Mansehra

Mansehra police on Friday arrested a man suspected of sexually assaulting an eight-year-old girl a day earlier, officials said. A first information report (FIR) against the suspect has been filed at the Garhi Habibullah police station, according to Mansehra District Police Officer (DPO) Shafiullah Gandapur. He confirmed to Dawn.com that the girl was allegedly raped and that the accused, a 64-year-old, had been arrested. “A case has been registered under the Child Protection Act. The suspect has been successfully arrested,” the DPO said in a video statement on X. “We have collected evidence and formed a special investigation team. I am pursuing this case personally,” he added. A statement from the DPO’s office said that he met the victim in the hospital earlier today and assured the girl’s family that they would “get justice” and authorities would “punish the accused strictly according to the law”. The statement adds that a deputy superintendent of police, the Garhi Habibulla...
Post a Comment
Read more