Webx, Pakistan’s SaaS (software as a service) e-commerce start-up has recently raised an undisclosed amount in its first seed round funding from UAE based investors, arranged by Al-Hilal Securities Advisors.
Webx allows retailers to build their online retail stores. It is a one-stop solution for e-commerce that takes care of the payment and delivery channels by connecting the stores with top-tier payment providers and logistics services, through a fully-automated system.
It was launched in 2018, and by 2021 recorded a Gross Merchandise Value (GMV) of over Rs. 1 billion. It has a steady growth rate of 50% yearly.
“We want to make ecommerce easy and accessible to everyone. We have millions of retail businesses in Pakistan, and thousands of young entrepreneurs who are determined to build their own online brands.”
~ Waleed Masood, founder and CEO Webx
“Our long-term vision is to enable the young entrepreneurs and SMEs of Pakistan to reach global audiences and create a wider acceptance of Pakistani goods and services in international markets.”
~ Fraz Saleem, Co-founder Webx
This investment led by Al Hilal Securities validates the MENA region’s and in fact, the world’s interest in Pakistan’s startup ecosystem primarily the retail, e-commerce and fintech sector. The phenomenal growth of the startup ecosystem brought many renowned investors to Pakistan and even more eyeing the industry.
“Pakistan is a country with 60% of its 230 million plus population in the 15 to 29 age group, which is the most tech savvy age bracket globally, is all geared up for the digital age.”
~ Zaheeruddin Khalid, CFA Director at Al Hilal Securities
Webx believes that the local eCommerce market will double in size in the next 3 years. The E-commerce startup aims to utilize the latest funds to expand the consumer base of the company.