Webx, a Pakistani SaaS e-commerce start-up, allows sellers to create their own online stores. Webx recently raised an unknown amount in its first seed round funding from UAE-based investors, according to official sources.
Webx is an all-in-one e-commerce solution that handles payment and delivery channels by linking stores to top-tier payment providers and logistics services automatically. This platform’s entire procedure is automated, allowing retailers to set up their stores and begin selling online in minutes.
Al-Hilal Securities Advisors arranged for the platform to raise funds. The pledge indicates investors’ conviction in the country’s IT and e-commerce sector’s exponential expansion. Furthermore, these monies will be used to grow the company’s customer base.
Faraz Younus Bandukda, CFA, CEO of Al-Hilal Securities Advisors, stated,
“We are honored to assist this team led by Waleed Masood & Fraz Saleem. They are highly determined and passionate about building captivating experiences that dedicated communities can grow around — which aligns perfectly with our belief that eCommerce platforms will grow in the country. Over the last two years, in particular, we’ve seen Pakistan’s digital space exploding exponentially and international investors are excited to partner with Webx as they continue serving and growing this community.”
Webx was launched in 2018 and expects to generate a GMV of over Rs. 1 billion through its platform by 2021, with a consistent 50% annual growth rate. Waleed Masood, the founder and CEO of Webx, believes that the rise of e-commerce and tech-enabled businesses will help Pakistan’s retail industry to thrive and drive the country’s economy, creating jobs and attracting foreign investment.
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.”
CFA Director at Al Hilal Securities and leader of the Investment Consortium, Zaheeruddin Khalid, 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.”
According to Waleed, a tech platform like Webx is critical to supporting this developing industry by allowing them to simply set up their online storefronts, interact with the ecosystem, and build a long-lasting and scalable e-commerce business.
“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.”
In the previous two years, Pakistan’s startup scene has received significant international investment, with more than $300 million invested in 2021 alone. Webx predicts that the local eCommerce market will double in size over the next three years, from $6 billion to $12 billion.