Pakistani Startups DealCart and NayaPay Make Forbes Asia 100 To Watch 2024 List

In a significant achievement for the Pakistani startup ecosystem, two local companies, DealCart and NayaPay, have secured their spots on Forbes’ prestigious Asia 100 To Watch 2024 list. This annual list celebrates emerging businesses across the Asia-Pacific region that have captured investor attention and demonstrated remarkable growth potential.

Overview of the Forbes Asia 100 To Watch 2024 List

The Forbes Asia 100 To Watch list, which was unveiled on Tuesday, highlights small companies and startups making waves in their respective industries. This year’s list includes a diverse range of companies from 16 countries and territories, spanning 10 distinct sectors such as enterprise technology, robotics, finance, and manufacturing.

Here’s a breakdown of the countries with notable representation:

Country	Number of Companies
India	20
Singapore	15
Mainland China	10
Japan	9
Indonesia	8

Highlighting Pakistani Startups: DealCart and NayaPay

DealCart

DealCart is a Karachi-based startup that operates an online grocery platform tailored to Pakistan’s burgeoning middle class. The platform allows customers to order a wide array of products, from fresh fruits and vegetables to snacks and household essentials. Additionally, it provides a marketplace for small grocery stores to reach a larger customer base.

Key milestones for DealCart include:

• July 2024: Raised $3 million in a seed funding round, co-led by Shorooq Partners (Abu Dhabi) and Sturgeon Capital (London).
• March 2023: Secured $4.5 million in a pre-seed funding round, marking its initial fundraising success shortly after its launch in 2022.

The company’s inclusion in the Forbes Asia 100 To Watch list underscores its potential to significantly impact Pakistan’s e-commerce landscape and its growing appeal to investors.

NayaPay

NayaPay operates as a fintech startup focused on modernizing financial transactions in Pakistan. Its platform offers a range of services, including an e-wallet, virtual debit cards, and online payment solutions. For businesses, NayaPay provides point-of-sale (POS) devices that facilitate digital transactions in physical stores.

Key achievements for NayaPay include:

• 2022: Raised $13 million in a seed funding round led by Zayn Capital, MSA Novo, and Graph Ventures. This substantial investment highlights the confidence investors have in NayaPay’s ability to drive digital transformation in Pakistan’s financial sector.

Contextual Insights and Future Outlook

The Forbes Asia 100 To Watch list serves as a valuable barometer for emerging companies across the Asia-Pacific region. According to Forbes, the 100 companies featured have collectively attracted over $2 billion in investments to date. Despite a challenging venture capital landscape, where funding in the region hit a seven-year low last year, these startups have continued to thrive and secure capital.

For DealCart and NayaPay, being featured on this list is a testament to their innovative approaches and the substantial progress they have made in their respective domains. Both startups are well-positioned to leverage their momentum to further scale their operations and expand their market reach.

Challenges and Opportunities

DealCart

• Challenges: As an online grocery platform, DealCart faces competition from established players and other emerging startups. Additionally, managing logistics and ensuring product quality are critical to maintaining customer trust and satisfaction.
• Opportunities: With a growing middle class and increasing internet penetration in Pakistan, DealCart has the opportunity to capture a significant market share. Its model of integrating small grocery stores can also drive greater inclusivity in the retail sector.

NayaPay

• Challenges: NayaPay operates in a competitive fintech space with other digital payment providers and traditional financial institutions also vying for market share. Ensuring robust security and user trust is paramount.
• Opportunities: The ongoing shift towards digital payments presents a substantial growth opportunity. NayaPay’s focus on providing accessible financial services aligns well with the broader trend of digital financial inclusion.

Comparative Analysis of Pakistani Startups

To provide a clearer perspective on the performance and impact of DealCart and NayaPay, the following tables compare these startups with other notable companies in the region and their industry sectors.

Table 1: DealCart vs. Other E-commerce Startups in Asia

Company	Country	Industry	Funding Raised	Key Features
DealCart	Pakistan	Online Grocery	$7.5 million	Grocery delivery, marketplace
BigBasket	India	Online Grocery	$1.2 billion	Extensive inventory, large scale
RedMart	Singapore	Online Grocery	Acquired by Lazada	Integrated with Lazada platform

Table 2: NayaPay vs. Other Fintech Startups in Asia

Company	Country	Industry	Funding Raised	Key Features
NayaPay	Pakistan	Fintech	$13 million	E-wallet, virtual debit cards, POS
Paytm	India	Fintech	$2 billion	Digital payments, financial services
GrabPay	Singapore	Fintech	Integrated with Grab	Payment solutions, ride-hailing integration

The inclusion of DealCart and NayaPay in Forbes’ Asia 100 To Watch 2024 list highlights the growing prominence of Pakistani startups on the international stage. Their innovative solutions and impressive funding achievements reflect a burgeoning ecosystem that is increasingly drawing global attention.

As these companies continue to scale and navigate the challenges of their respective industries, they offer a glimpse into the dynamic and evolving landscape of startups in Pakistan. The recognition from Forbes not only affirms their current success but also sets the stage for future growth and global impact.

With the continued support of investors and the burgeoning digital market in Pakistan, DealCart and NayaPay are poised to make significant strides in the coming years. The spotlight on these startups serves as an encouraging sign for other emerging ventures in the region, signaling a promising future for Pakistan’s entrepreneurial landscape.