Pakistan’s Webx E-Commerce Raises First Seed Funding from UAE

Webx, the SaaS e-commerce start-up from Pakistan, allows retailers to build their online stores. According to official sources, Webx has recently raised an undisclosed amount in its first seed round funding from UAE-based investors. Webx is a one-stop solution for e-commerce that takes care of the payment and delivery channels by automatically connecting the stores with top-tier payment providers and logistics services. The entire process of this platform is completely automated and retailers can set up their stores and start selling online within minutes. The funding raised by the platform was arranged by Al-Hilal Securities Advisors. The commitment reflects investors’ belief in the exponential growth of the country’s IT and e-commerce sector. Moreover, these funds will be utilized to expand the consumer base of the company. Al-Hilal Securities Advisors’ Chief Executive, Faraz Younus Bandukda, CFA said, Webx was officially launched in 2018, and boasts a GMV of over Rs. 1 billion through its platform in 2021 with a steady 50% yearly growth. Waleed Masood, the founder and CEO of Webx, believes that the growth of e-commerce and tech-enabled startups will allow the retail sector of Pakistan to flourish and drive the economy of the country, creating jobs and bringing in international investments into the country. The CEO further added, “We want to make e-commerce 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.” Zaheeruddin Khalid, CFA Director at Al Hilal Securities and leader of the Investment Consortium added, 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.” says Zaheeruddin. “Ecommerce and fintech in Pakistan have seen phenomenal growth and we are excited to partner with Webx to be part of this ecosystem and play our part in the growth of technology in Pakistan.” A tech platform like Webx is essentially needed to support this growing industry by enabling them to set up their online stores, easily connect with the ecosystem and build a long-lasting and scalable e-commerce business, as per the views shared by Waleed. According to Fraz Saleem, the co-founder of 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.” He further added that “In line with the above aim, Webx is geared up to expand its services not only across Pakistan but at a global level.” The startup landscape of Pakistan has attracted heavy international investments in the last 2 years, with more than $300 Million alone in 2021. Webx believes that the local eCommerce market will double in size in the next 3 years, going to $12 billion from its current $6 Billion.