Udhaar Book, a business app for small businesses in Pakistan, has secured $ 6 million in seed funding from several investors to digitize trading activities such as accounting.

Investors in the latest round of Udhaar Book include Fatima Gopi Ventures (FGV), founder of Muir Capital Plaid William Hockey, Justin Matin of JAM Fund Tinder, Commerce Ventures, Liberty City Ventures, Atlas Ventures, Integra Partners, Omri Dahan, Senior Executive. Director of the American card company Marqeta and Imad Akhund, CEO and founder of Mercury Bank.

The founding round was the first institutional round for the Udhaar Book.

Founded by Fahad Qamar, Shah Varish, and Mira Ali, Udhaar Book was part of YCombinator’s acceleration program in March-2021 and has expanded its solutions since then with an aim to be a primary business app for small businesses.

Udhaar Book was launched in 2020 as a digital accounting app that helps small businesses keep track of sales, expenses, and loans offered to customers.

According to Startup founder and CEO Fahd Qamar, the funds will be used to build the Udhaar Book super-app ecosystem, which will now allow small businesses to digitally manage inventory, billing, employee attendance and payroll in a single app.

Udhaar Book directly competes with already existing platforms such as Digi Khata, Easy Khata and Credit Book apps that provide application solutions for converting small and medium-sized enterprises (MSMEs) from paper to digital. It is estimated that the market has about 10-15 million small and medium-sized businesses that can be digitized using these applications.

Udhaar Book offers merchants the ability to manage their inventory and wages as well as their accounting and collection needs. In addition, Udhaar has partnered more with telcos to allow merchants to sell mobile downloads, and the startup added the ability to connect MSME companies online, allowing them to build websites through the Udhaar app.

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