A Malaysian venture capital, Frontier Digital Ventures, will invest $3.5 million – one of the largest disclosed venture capital funding ever provided to any Pakistani tech project – in PakWheels.com.
“PakWheels.com has disclosed one of the largest, disclosed venture capital investment deals with a Malaysia-based venture capital fund focused on online classified business in the emerging and frontier markets,” according to an announcement issues by the site yesterday.
Over the last 10 years, PakWheels.com has helped Pakistanis buy and sell cars and motorbikes, read reviews and news about automotives, check prices and find solutions to their automotive problems.
“Despite competition from other classified websites launched by giants like Naspers and Schibsted, PakWheels.com has managed to grow its market share in the country,” the announcement further stated.
Muhammad Raza Saeed, co-founder and chief executive officer (CEO) of PakWheels.com, said: “Pakistan’s internet user base is expected to grow to 100 million by 2019 and we want to be the go-to 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.”
Shaun Di Gregorio, CEO and founder of Frontier Digital Ventures, remarked: “PakWheels.com epitomises 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.”
