Global investors continue showing interest in Pakistani as a result the global investments has crossed $300 million this year.
Bookme, a travel and ticketing startup, and Bagallery the beauty and fashion startup have attracted a total of $12 million in an advanced round of fundraising.
According to the founder of Bookme, Faizan Aslam the venture has successfully raised $7.5 million in its Series A round.
Bagallery, a beauty, and fashion startup raised $4.5 million in a similar round, co-founder Salman Sattar told the international media outlet.
Zayn Capital, Lakson Venture Capital, and Hayaat Global co-led both rounds of funding.
The global investment has reached $310 million.
The investment is a historic high for Pakistan, as it exceeds what the country has attracted cumulatively over the past six years.
Pakistan has huge potential to attract foreign funding since it has largely remained untapped.
The country adopted technology-driven solutions at an accelerated pace during the pandemic, and the required infrastructure, including 4G internet is available, as authorities are already making efforts in this direction.
The combined international funding of around $310 million in domestic startups is more than what companies raised at the Pakistan Stock Exchange (PSX) during the year.
Many global venture capital firms have invested in Pakistani startups for the first time, including Kleiner Perkins, an early investor in Google and Amazon Inc.
Pakistan’s e-commerce industry is picking up with online retail accounting for about 2% of gross domestic product (GDP), compared with 20% in Indonesia, Bloomberg added.
Alibaba Group Holding Ltd.’s Daraz Group, the largest e-commerce company in Pakistan, expects to double its retail volume every year over the next five years, sustaining the pace of the past four years.