Abhi is a Pakistani Startup
According to a statement from the organization, the international venture capital (VC) firm Speedinvest was leading the fundraising round. This round has assistance by Global Ventures, VentureSouq, VEF, Sturgeon Capital, Rallycap, and FJ Labs. Local VC firms and shareholders, Fatima Gobi, Sarmayacar, and i2i Ventures, are also part of this. Omair Ansari and Ali Ladhubhai launched the company in 2021, and it plans to use the new capital to expand its operations and workforce and fulfill growing client demand. With the help of its web and mobile app, Abhi aspires to become the first financial wellness portal by transforming how people spend their money. Vostok Emerging Finance headed a $2 million seed financing for the startup in June 2021. It later announced that just months after launching its business, it had raised funding again. That time at a $40 million valuation. The total amount of money raised in this round was kept under wraps.
The staff of Abhi’s partners will be able to take pay advances depending on their accrued wages at any moment. Because the fintech will finance these advances, they will have no impact on the financial sheets of partner companies, and repayments will be subtracted from the employee’s income.
CEO Omer Ansari
CEO Abhi Omair Ansari announced the fund-raising amount. “We are thrilled to announce this $17 million investment round, especially given the caliber of investors engaged… the revenues will support our explosive development and help us meet client demand.” Pakistan’s startup sector has seen exponential development. With $163 million generated across 15 agreements in the first quarter of 2022 only. Pakistani entrepreneurs have funded $728 million in 272 agreements from 2015 to 2022. Also read: Inflows into Roshan’s Digital Accounts Have Surpassed $4 Billion Mark
