KARACHI: Helpp, a Singapore-based home services startup, has raised $1.1 million for the Pakistan market in its first investment round, backed by high-net-worth investors from Saudi Arabia and the United States, the startup’s CEO said on Friday .
The round was backed by US-based E Planet Global, Shahyan Merchant Chairman You Ventures, Turki Al Shehri, an investor from Saudi Arabia, J Holding Pakistan and other leading high-net-worth individuals and business executives from the US, UK and Saudi Arabia, according to the launch.
“The funds raised through the first investment round will be used to acquire customers and improve the technology stack,” Mustafa Iqbal, CEO-founder of Helpp Technologies, told Arab News.
“The funding round was significantly supported by high net worth Saudi investors,” he continued, adding that the startup will provide on-demand salon, laundry, dyeing and conditioning services in Pakistan’s largest cities of Karachi and Lahore.
Having started operations in 2021, Helpp has become Pakistan’s first fully technology-capable player in the home services market, having completed over 20,000 orders to date.
Home services in Pakistan, despite being a multi-billion dollar industry, remain serviced by micro-offline players. With a growing middle class, customer satisfaction remains low due to a lack of standardized services and pricing, according to the startup.
Helpp aims to digitize this space while not only solving consumer pain points but also increasing the revenue of service providers.
Helpp’s impact footprint ranges from providing economic opportunity, income enhancement and financial inclusion for service providers, most of whom are women.
“The goal is to build a budget brand that caters to the masses while maintaining a laser focus on customer experience and economic empowerment of service partners,” Iqbal said.
Pakistan’s home services market looks ripe for a national tech player to emulate the success of ride-hailing, food delivery, grocery and e-commerce services, he added.
Iqbal said his start-up is in line with the United Nations Sustainable Development Goals, contributing to the 2030 goals.
Pakistani startups came on the global funding radar in 2021 and raised around $375 million in funding surge, which was more than the total funds raised in the previous six years.
Cumulative funding of Pakistani startups for 2023 stood at $33.6 million in the nine months of the current year, just 10 percent of the total funds raised in 2022, according to Alpha Beta Core, a startup funding consultancy.
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