Pakistan has one of the fastest developing IT-sector in the South Asia region, partially due to access to the facilities required to operate such as new technologies, fast internet, and others, and due to the increasing youth population. The ecosystem of Pakistan’s digital entrepreneurship has been increasing for the past 10 years with the number of tech startups growing every year. For any tech start-up to succeed, it must not be limited to how they operate but also be good at securing the finances to run the operations. The product with a creative solution is then solidified to succeed in any defined market. In the recent past, many tech startups have sprung up in the Pakistani market, both due to unmet needs and preferences of the end user.[1]
Of the most notable names in this industry, a few of them such as Zameen.com, Daraz, SadaPay, and Bykea are catering to different sectors of the industry.
Property Ads Shifted Online
If we talk about Zameen.com, it tackled the problem of finding the right properties for both rent and purchase purposes, essentially removing the hassle of going to or following up with the estate agents. Their success enabled them to partner with and sell projects of their own, which shows the trust of the public towards the organization.[2]
The Model of Daraz
Daraz took another segment of retail sales by offering a one-window service platform to the netizens. From electronics to clothing, Daraz features a multitude of brands and runs promotional campaigns which bring in a lot of revenue for the company.
Banking with SadaPay
SadaPay entered very recently and offered a fun way of doing banking. Their strength lies in branchless banking with a strong focus on an application that removes the difficult process of documentation required to open a bank account, right at your home. Alliance with merchants globally allows the users to buy items with very minimal charges, thus proving to be a win-win for both the company and the customers. [3]
Rented Rides Made Easy
Bykea offers its users to commute by motorcycle at very nominal charges, basically copying the ride-hailing model into the Pakistani view. It has expanded its services to the delivery of goods and has provided relief in terms of public transport to the citizens of Karachi.
All these startups created a solid business plan that enabled them to buy the trust of the investors, which resulted in the funding of up to $31 Million in some cases. Further, these notable startups have contributed well to the economy by providing employment to the people and improving the lifestyle of the community with world-class products and services. These startups have covered the areas that were previously not seen at a conscious level and were dominated by traditional brick-and-mortar stores or others.
Startups are good for any economy and as social responsibility, these organizations should take the initiative of training the young people about the processes that they must go through, to provide the solution that the people are looking for. In today’s era, Gen Z is taking up technology to fulfill their needs and one must be vigilant of the current and upcoming trends that can shape the economy. The need to fill the space in the Pakistani market is abundant, with just the right solutions that are yet to be explored. Perhaps one important area of public entertainment like Netflix, with exclusive content, can change the way people consume media in Pakistan. A lot of opportunities are there, and many people are striving to fill those gaps. [4]
[1] “STARTUP ECOSYSTEM REPORT 2 0 1 9 INVEST2INNOVATE.” n.d. https://we-fi.org/wp-content/uploads/2021/05/i2i-Pakistan-Startup-Ecosystem-Report-2019-1.pdf.
[2] “Pakistan’s Most Successful Start-Ups.” 2020. Digital Pakistan. February 24, 2020. https://digitalpakistan.pk/blog/pakistans-most-successful-start-ups/.
[3] “12 Best and Successful Startups in Pakistan 2022.” 2022. Startup Pakistan. May 23, 2022. https://startuppakistan.com.pk/12-best-and-successful-startups-in-pakistan-2022/.
[4] “What Made the Startups Click in Pakistan?” 2022. Profit by Pakistan Today. March 20, 2022. https://profit.pakistantoday.com.pk/2022/03/20/what-made-the-startups-click-in-pakistan/.