The Malaysia based venture capital fund focused on online classifieds businesses in emerging and frontier markets will invest US$3.5 Million into PakWheels.com

Over last 10 years, PakWheels.com has helped millions of Pakistanis buy & sell cars and bikes, read automotive reviews and news, check automotive prices and find solutions to their automotive needs.

Despite the introduction of competing classifieds websites by giants like Naspers, Schibsted and other international internet firms, PakWheels.com has managed to grow its market share owing largely to the cult-like following of its brand, a very loyal user base, great execution by the management team and marketing programs that are inclusive of the brick and mortar car dealerships in the country.

Muhammad Raza Saeed, Co-Founder and CEO of PakWheels.com, said while commenting on the deal, “Pakistan’s internet user base is expected to grow to 100 million users by 2019 and we want to be the goto place for anything and everything to do with wheels for this online population. This round of funding will help us strengthen our leadership position, improve existing services and build new offerings. Think Wheels, Think PakWheels.”

CEO and Founder of Frontier Digital Ventures, Shaun Di Gregorio, remarked, “PakWheels.com epitomizes the kind of business that Frontier Digital Ventures is seeking to invest in. We love frontier and emerging markets and have a wealth of expertise and a proven track record of extracting value in the opportunities these markets present, so we are really looking forward to working with the team to take the portal to its full potential.”

According to Khurram Zafar, Executive Director of LUMS Center for Entrepreneurship and advisor to the deal, “Consumer internet services and IT-enabled product businesses in Pakistan represent a great investment opportunity for savvy investors who can look past the negative perception about the country in international media. This deal is a testament to the increasing confidence of early stage venture investors in Pakistani talent and business savvy.”

The investment by Frontier Digital Ventures follows a recent trend of investments by international seed stage funds and angel investors into tech focused Pakistani startups with high growth potential. Frontier Digital’s earlier investment in the leading property portal of Pakistan Zameen.com, and Kima Venture’s funding of Shopistan and computer vision products company Eyedeus Labs are recent examples.

 

About PakWheels.com 

PakWheels.com is Pakistan’s #1 Automotive Portal.

With 20 million views monthly, PakWheels.com is country’s top resource to buy & sell cars and bikes, read automotive reviews and news, check automotive prices and find solutions to all their automotive needs. The portal also has a cult like following amongst auto enthusiasts who share videos, photos and have discussions with each other through the platform.

Contributor

Recently Published

In the fast-paced world of cryptocurrency, vast sums of money can be made or lost in the blink of an eye. In early November 2022, the second-largest cryptocurrency exchange, FTX, was valued at more than US$30 billion. By Nov. 14, FTX was in bankruptcy proceedings along with more than 100 companies connected to it. D. Brian Blank and Brandy Hadley are […]
Key Takeaways: The phenomenon of some fireflies’ flash synchrony has puzzled scientists for over a century. The phenomenon piqued the curiosity of many, including mathematicians Daniel Abrams and Steven Strogatz, who named it “chimera” In Greek mythology, the Chimera was a hybrid monster made of parts of incongruous animals – so a fitting name for […]

Top Picks

Key Takeaways: Albert Einstein’s theory of general relativity has been remarkably successful in describing the gravity of stars and planets. However, gaps in our understanding start to appear when we try to apply it to extremely small distances, where the laws of quantum mechanics operate. A new study, published in Nature Astronomy, has now tested […]
Key Takeaways: Digital money is a form of currency that uses computer networks to make payments. It is not the digital nature of cryptocurrencies that differentiate them from digital money, but how they ensure the ownership of digital property that mark them as transformational. The Counter Currency Laboratory, a new initiative based in the Department […]
Key Takeaways: For many people, Buddhism appears to be uniquely compatible with modern lifestyles and world views. Buddhist mindfulness has influenced many schools of contemporary psychology. Buddhist philosophy embraces constant change and the inherent impermanence of all things. The 19th century Burmese monk Ledi Sayadawtravelled the nation teaching meditation and founding study groups. The forms […]

Trending

I highly recommend reading the McKinsey Global Institute’s new report, “Reskilling China: Transforming The World’s Largest Workforce Into Lifelong Learners”, which focuses on the country’s biggest employment challenge, re-training its workforce and the adoption of practices such as lifelong learning to address the growing digital transformation of its productive fabric. How to transform the country […]

Join our Newsletter

Get our monthly recap with the latest news, articles and resources.

Latest Titles

Login

Welcome to Empirics

We are glad you have decided to join our mission of gathering the collective knowledge of Asia!
Join Empirics