Karachi-based stock brokerage KASB Securities that owns and operates stock trading app KTrade has raised USD4.5 million in a funding round led by Hong Kong-based investment firm TTB Partners and New York-based global VC HOF Capital. The round was also joined by fintech investor Christian Angermayer, and David Mortlock, the managing partner of German investment bank Berenberg, as well as Pakistani business families.
With this transaction total amount attracted by Pakistani based startups has reached ~USD114 million during the 2nd quarter of 2021 so far. Average ticker size recorded at ~USD5.2 million so far during 2Q 2021, which is more than double as compared to first quarter average ticker of USD2 million.
KASB was relaunched in 2018 by Mahmood Ali Shah Bukhari, with a focus on retail investing. The firm launched KTrade, a stock trading app for retail investors two years ago and has since served thousands of users in Pakistan. The app enables users to sign up for a brokerage account and start trading with as low as PKR 5,000 (USD32).
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A L S O | R E A D
Pakistani Startups attracted USD109 million so far in 2Q 2021
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This happens at a time when Foreign Direct Investment (FDI) posted decline of more than 30 percent during the period from Jul to Apr 2021 when compared to the corresponding period last year and falls to the level of USD1.5 billion, as per SBP data.
Top three are Lahore based Venture Capitals, Jabberwock venutures (USD20 million),Tajir (USD17 million) and Educative (USD12 million). Remaining USD50 million is raised by Finja (USD10.1 million), Sadapay (USD7.2 million), Retailo (USD6.7 million), Bazaar (USD6.5 million), Seed Labs (USD6.4 million), TAG Financial Technologies (USD5.5 million), Makaan (USD5 million), Planet N Group (USD3.2 million), Rinstra (USD2 million), Truck in it (USD1.5 million), Credit Book (USD1.5 million), remoteBook. (USD1.4 million), Safepay (USD1.3 million), Sahet Kahani (USD1.0 million), Chkar (USD0.3 million), Dastgyr (USD0.2 million), 24seven.pk (USD0.2 million) and INNOCORP (USD0.1 million).
