Abhi, Pakistan’s first-ever financial wellness platform, enabling employees to access accrued salary in advance, announces the successful completion of a pre-Series A capital raise.
The fundraising was led by international venture capital (“VC”) firm Global Ventures and supported by VentureSouq, VEF, US-based VC firm Next Billion Ventures, and Rally Cap. Also participating were regional VC firms – Sarmayacar and i2i Ventures.
The caliber of investors is a testament to Abhi’s platform, which is transforming the way business facilitates employees’ cash needs. Proceeds will be used to support continued growth and meet overwhelming customer demand for Abhi’s platform.
Even with very low cash burn rates, and is set to achieve free cash flow positivity four months after launching – Abhi’s explosive growth and the market opportunity in Pakistan, are likely to lead to further Series A funding in the near future.
Omair Ansari, Chief Executive Officer of Abhi, said:
“We are thrilled to announce this fundraise. Receiving investment and endorsement from the likes of Global Ventures, VentureSouq and other eminent VC names, gives us great confidence in our business model. The proceeds will help us meet the huge customer demand we are experiencing; our growth has exploded since full operations began in July. We are already working with over 75 companies, who have an employee base of a quarter of a million people.
“We look forward to assisting more companies in Pakistan to be flexible in...
Read Full Story: https://www.techjuice.pk/pakistans-first-financial-wellness-platform-called-abhi-completes-pre-series-a-fundraise/
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