Udhaar Book, a digital bookkeeping app for small businesses in Pakistan, has raised $6 million in seed funding, it emerged on Monday.
The round saw the participation of multiple investors including Fatima Gobi Ventures (FGV), Plaid co-founder William Hockey’s Muir Capital, Tinder co-founder Justin Mateen’s JAM Fund, Commerce Ventures, Liberty City Ventures, Atlas Ventures, Integra Partners, Omri Dahan of Marqeta and Immad Akhund of Mercury Bank.
According to a press release, the funds will be used to build the app's ecosystem, which now enables small businesses to conduct digital bookkeeping, manage inventory, invoicing, staff attendance and payroll.
Udhaar Book was launched last year to help small businesses keep a track of sales, expenses and credit and crossed over a million installs a few months ago.
The brainchild of Fahad Kamr, Shah Warraich, and Myra Ali, the app has since graduated from Y Combinator’s accelerator programme and expanded its solutions to become a super app for small businesses.
Kamr, Udhaar Book's founder and CEO, said that a majority of small business owners in Pakistan continue to do their accounts on paper and process payments in cash which is kept in a "wooden cash drawer".
"So small business owners typically work 16-hour days to monitor this drawer and minimise theft. Solving this problem requires digitising all manual elements of the business, while making the transition as seamless as possible for the already busy business owner," he said.
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