Lokal, Pakistan’s affordable hotel room network, has raised pre-seed funding at a valuation of $10 million.
The company has not announced the investment round’s total sum, but it has stated that the funds will be utilised to drive its growth and expansion objectives. The investment round was spearheaded by the UK-based equity funding platform Wahed X, along with a number of Silicon Valley and United Arab Emirates angel investors. This is the first investment made by WahedX in a Pakistani startup.
Asim Kidwai, co-founder of Lokal, stated, “We saw an opportunity to bridge the gap between the high demand for short-term budget stays and the lack of technology and expertise for local property owners to deliver a world-class experience.”
“Lokal’s cutting-edge platform is designed to improve the amenities and services of local properties and to assist property owners of all sizes in operating short-term stays efficiently, boosting customer satisfaction and occupancy. With this money, we will be able to extend our network and offer this experience to more travellers in additional areas,” he added.
“We are very pleased to have closed our first investment in Pakistan,” said WahedX’s chief executive, Safdar Alam.
“It’s great to be a part of LOKAL’s journey, and I believe, especially as Pakistan enters a new tourism wave in 2023, that it may be a part of the tourism industry’s growth-boosting cure. We believe it is essential that all investors have access to opportunities to increase their wealth in a meaningful way that directs funds to companies that share their beliefs. Alam added, “We will continue to bring more ethical deals like this one to market.”
The organisation is resolving the problem of a lack of safe, dependable, and inexpensive lodgings in emerging markets. Lokal is developing a network of basic, low-cost hotel rooms that provide travellers with quality accommodations.
Currently, the company is focused on increasing its operations within Pakistan, but it has future expansion aspirations in the MENA and Southeast Asia regions.
