Since 2017, a number of Pakistani startups came on the world stage and started to generate good revenues. For instance, a startup named Finja raised $1.5 million dollars in less than a year back in 2017, Airlift generated a whopping $12 million revenue along with Cheetay ($7.8 million) and Bykea ($5.7 million) in 2019.
Pakistani Startups Break Previous Records in 2020 Despite Global Recession
Now, you might all be thinking that the year 2020 wouldn’t be that much fruitful for the startups. Well, you are wrong and in reality, the Pakistani startups have managed to break all previous records in terms of revenue generation in 2020 despite a global recession caused COVID-19 pandemic.
Pakistani startups succeeded to generate a record $47 million in pre-seed, seed, pre-Series A, Series B and Series B funding rounds during 2020 in a total of twenty-three transactions. According to statistics, it is a 26 per cent rise from 2019 even when the world was facing a global economic slowdown due to the COVID-19 pandemic. Back in 2019, Pakistani startups earned $37 million from a total of 19 transactions.
According to a source, in 2020, a total of 23 deals were signed, and most of them were in the transport category with an average deal worth more than $2 million. A total of 8 deals worth $1.265 million were signed during Q1 in 2020, 3 deals worth $13.1 million were signed in Q2. Similarly, 8 deals worth $16 million were finalized in Q3 of 2020 while 8 deals worth $16.3 million were signed in the last quarter of 2020.
Here is a complete list of all the businesses and funds raised in 2020.
|Sr. No.||Firm identify||Funding raised|