A unique concept in the Pakistani market – Udhaar Book – a digital bookkeeping app has managed to raise $6 million in a seed funding round held on Monday. Multiple investors were part of the seed funding including Fatima Gobi Ventures (FGV), Tinder co-founder Justin Mateen’s JAM Fund, Commerce Ventures, Integra Partners, Omri Dahan of Marqeta, and Immad Akhund of Mercury Bank.
Launched only last year – Udhaar book has managed to cross more than a million installments in only a few months. Udhaar Book will use the funds to expand its ecosystem and help small businesses conduct their bookkeeping activities including invoicing, staff attendance, payroll, and managing inventory.
The founders of the app, Fahad Kamr, Shah Warraich, and Myra Ali, have graduated from Y Combinator’s accelerator programme which helped them develop this application to help small businesses manage their finances and shift to paperless solutions.
Kamr, Udhaar Book’s founder and CEO, said in his statement,
“So small business owners typically work 16-hour days to monitor this drawer and minimize theft. Solving this problem requires digitizing all manual elements of the business while making the transition as seamless as possible for the already busy business owner”
The startup has also partnered with telcos and banks including Telenor, Zong, United Bank Limited, and Bank Alfalah to further enhance the app’s ecosystem.
“Our partnerships with telcos, banks, and wallets means Udhaar Book’s 1.4 million small merchants are now able to sell mobile top-ups digitally to earn ancillary income,” Kamr stated.
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