Pakistani startups DealCart and NayaPay have earned spots on the prestigious Forbes Asia 100 to Watch List, which highlights emerging small companies and startups from across the Asia-Pacific region.
This year’s list features companies from 16 countries and territories, spanning 10 diverse industries, including enterprise technology, robotics, finance, manufacturing, and energy. India leads with 20 companies, followed by Singapore with 15, mainland China with 10, Japan with 9, and Indonesia with 8. Pakistan’s representation on the list is a testament to the country’s growing startup ecosystem.
DealCart: Transforming Grocery Shopping for Pakistan’s Middle Class
Founded in 2022 and headquartered in Karachi, DealCart operates an online grocery platform catering to Pakistan’s expanding middle class. The platform allows customers to order a wide range of products, including fresh fruits, vegetables, snacks, detergents, and other essentials. In addition to serving individual customers, DealCart also enables small grocery stores to sell their products on the platform, providing them access to a broader customer base.
In July, DealCart secured $3 million in a seed funding round co-led by Abu Dhabi-based Shorooq Partners and London-based Sturgeon Capital. This funding is expected to fuel the startup’s growth as it continues to innovate in the e-commerce space.
NayaPay: Driving Digital Transactions in Pakistan
Founded in 2016, fintech startup NayaPay is dedicated to modernizing financial transactions in Pakistan through its comprehensive payments processing platform. The platform offers an e-wallet, virtual debit card, and online payment solutions for consumers. For businesses, NayaPay provides point-of-sale (POS) devices that facilitate seamless digital transactions in physical stores.
NayaPay’s impact on Pakistan’s financial landscape has been significant, as it continues to promote financial inclusion and digitalization. In 2022, the startup raised $13 million in a seed funding round led by Zayn Capital, MSA Novo, and Graph Ventures, which has further bolstered its expansion efforts.
Selection Process for Forbes Asia 100 to Watch
The Forbes Asia 100 to Watch list is highly competitive, with companies selected based on their impact on their respective industries and regions, market fit, innovation, business model, revenue growth, and ability to attract funding. To qualify, companies must be privately owned, for-profit ventures headquartered in the Asia-Pacific region, with no more than $50 million in annual revenue and no more than $100 million in total funding as of August 7, 2024.
Forbes Asia’s editorial team evaluated each submission, taking into consideration nominations from accelerators, incubators, universities, venture capitalists, and other key stakeholders in the startup ecosystem.
The inclusion of DealCart and NayaPay in this year’s list underscores the rising prominence of Pakistani startups in the Asia-Pacific region and their potential to make a significant impact on the global stage.
