Mar 24, 2023
Pakistan Logistics Startup Raises Funds in Bet on E-Commerce
(Bloomberg) -- Pakistani delivery startup Trax raised funding in an early seed round, seeking to benefit from growth in the South Asian country’s nascent e-commerce market.
The company raised $3.7 million in a round led by US-based Amaana Capital and Tricap Investments of the United Arab Emirates. PNO Ventures also participated in the round. Trax, founded in 2017, is one of the pioneering logistics players in Pakistan’s e-commerce sector and got its start when venture funding was almost non-existent in the country.
Pakistan’s startup economy is showing signs of life, with multiple rounds backed by global venture investors taking place this year. Venture funding in the country was little changed at $350 million last year, when a rout in tech valuations left a slew of startups globally in trouble.
Trax does a million deliveries each month and employs more than 2,000 people. It plans to expand into new business verticals including fintech to increase financial inclusion in Pakistan.
(Updates with investor details in second paragraph)
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