Pakistan has been experiencing a storm of luck when it comes to startups. Pakistani startups are growing at a fast pace which is a big success for the country. We have a conducive environment for the startups to grow, expand, and attract foreign investments. Not only this but many foreign-based startups are also opening their branches in Pakistan because of the ever-growing ecosystem of startups in the country. On this note, we are proud to share the news that Oware a Pakistani startup has raised $3.3 Million.
Pakistani Startups Raised A Historic $375m In 2021
The Pakistani startup Oware provides the companies with the services of warehousing and distribution. The goal of this startup is to offer flexible and efficient services to the customers by facilitating them through flexible warehousing, and timely and reasonable delivery of goods. The startup, through third-party logistic providers and other affiliated centers.
The start-up was started in 2021 by Raza Kazmi and Adil Nisar. The co-owners founded the startup to eliminate the backdrops of the Pakistani logistics infrastructure that slowed down the logistics business in the country.
Oware raises $3.3 Million
Recently, the Pakistani startup has raised $3.3 million in pre-seed funding. Many Silicon Valley investors backed this round which included Reflect Ventures, strong global investors, The Osiris Group, Flexport Fund, Ratio Ventures, Walled City, +92 Ventures, etc.
The co-founder of Oware, Adil Nisar said: “Our solution to that problem is based on a shared infrastructure that enables businesses to build sales without substantially increasing their costs.” He further added, “The aim is to level the playing field for Pakistani businesses because it’s currently only the large multinationals that have access to modern systems.”
The co-founders explained how the startup aims at improving the logistic infrastructure of the country. Oware presents a three-fold solution. As the startup has 15 warehouses located in four cities. The business can rent out the warehouse in their vicinity rather than searching for warehouses. Moreover, the business provides the facilities of distribution, transferring the goods from the warehouse to the customers. Finally, the startup will create a dashboard that would provide greater visibility to the customers regarding their operations and stock levels. Moreover, this technology will help the customers to choose from the options that best suit their requirements and are less costly.
The investors showed satisfaction over Oware’s operations and goals. CIO & Partner at Seedstars, Charlie Graham-Brown said “Pakistan has a massive opportunity in logistics presented by the 2 million SMEs and the rise of e-commerce in the region. We believe that Oware has a solid position to be an integral layer to an ecosystem that’s becoming digitally enabled. We are proud to have been Adil’s and Raza’s early backers and thrilled for the journey ahead.”
Another investor Michel Friedman, partner at Reflect Ventures, said “Most warehouses in Pakistan today are run on paper or Excel. Companies must lease or buy a property, hire staff, and manage them. Expansion into new territories or capacity increases to support inventory fluctuations are slow and costly. This increases businesses’ cost of entry and cost of expansion. Oware solves this problem for Pakistani businesses. It brings a huge archaic industry straight into the 21st-century world of on-demand flexibility and management visibility and insight. This is a big opportunity for Oware and an important part of the rapid ongoing modernization of Pakistan’s economy. We are excited to be among Oware’s investors and expect great success.”
Like Oware, many other startups with their innovative ideas and services are attracting major foreign investments. Not to mention this opens gateways for other startups to follow the suit and take the ecosystem of startups to new heights.