Pakistani fintech raises $3.3 million to scale up country’s first savings and rewards platform

In this photo, a woman is seen shopping through a point of sale application. (Photo courtesy: Social media)
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Updated 09 November 2021
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Pakistani fintech raises $3.3 million to scale up country’s first savings and rewards platform

  • Savyour enables consumers to buy better brands at nominal rates while allowing businesses to grow further
  • Company has seen 52% month-over-month growth since August 2020 launch, disbursed over Rs100 million in cashback

KARACHI: A Pakistan-based fintech Savyour, which developed the country’s first cashback app and pay-per-sale affiliate marketing network, has raised $3.3 million in a seed round, its management announced on Tuesday.

Launched in August 2020 by Umair Gadit and Saad Gadit, the company is revolutionizing shopping experience in Pakistan for both consumers and merchants.

Savyour also drives financial inclusion by incentivizing transactions regardless of the mode of payment.

“This seed funding will be used to accelerate Savyour’s online expansion and launch the in-store feature for the platform,” said a statement issued by the firm.

The company's purpose is to enable consumers to buy better brands at nominal rates while enabling brands, retailers and e-tailers to grow their business on a pay-per-sale model.

Consumers get the opportunity to save as they shop, while also discovering new businesses with the help of the platform’s vast network.

The cashback app users are able to redeem the amount saved in their Savyour wallets directly into their bank accounts or digital wallets, making it unique when compared with similar platforms.

The platform’s “triple-stacked savings” feature means the cashback is applicable on top of any deals, vouchers and bank discounts that users may utilize at the time of checkout.

Partner brands only need to pay commissions for every successful transaction done through Savyour, making it a marketing platform driven purely by returns on investment.

“Over 64% of Pakistan’s population is below 30, which means you have a new wave of shoppers who are demanding, tech-savvy and seek more value for their money to counter inflation,” Umair Gadit, the company’s chief executive officer, said.

Savyour acts as the ultimate shopping companion for buyers by providing them with the best rewards and curation of local brands.

“Pakistan’s commerce sector faces a number of challenges such as the lack of consumer trust and confidence, being dominated by SMEs [small and medium enterprises] that lack both talents and resources to grow, and having no dedicated discovery platform,” he said, adding: “Digitizing this space will open up new opportunities and help level the field, for both consumers and businesses.”

An official at the Global Founders Capital, which co-led the seed round with Zayn Capital Frontier Fund, said the investors believed in Savyour’s mission to deliver savings to online shoppers while driving revenue growth for retailers, “making it an essential building block for the ecommerce ecosystem in Pakistan.”

“We are honored to back the team and help them accelerate further in their commercial rollout across the nation and beyond,” Tito Costa, partner at Global Founders Capital, said.

Zayn Capital Frontier Fund also noted the fintech was offering a vital service to consumers and businesses.

“Savyour’s offerings come at a crucial time when online and offline users are seeking deals and cash rewards to meet their monthly budgets, against the backdrop of a global monetary environment where consumers’ purchasing power is increasingly eroded,” Faisal Aftab, the investment company’s co-founder and managing partner, said.

In less than a year, Savyour has processed more than 200,000 orders and onboarded over 250 partner brands, including leading players such as Daraz, Foodpanda, Bata and Pizza Hut.

Overall, Savyour has seen 52 percent month-over-month growth since its launch and disbursed over Rs100 million in cashback to users.

Currently, the fintech company’s user base extends across 58 Pakistani cities.


Fast bowler Haris Rauf ruled out of PSL after dislocating shoulder

Updated 23 sec ago
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Fast bowler Haris Rauf ruled out of PSL after dislocating shoulder

  • Haris Rauf fell awkwardly on his shoulder during Karachi-Lahore match on Saturday
  • Doctors have advised Rauf to rest for 4-6 weeks to recover from injury, says Lahore Qalandars 

LAHORE: Fast bowler Haris Rauf has been ruled out of the remainder of the Pakistan Super League after dislocating his shoulder during two-time defending champion Lahore Qalandars’ two-wicket loss against Karachi Kings on Saturday.

The franchise said in a statement on Sunday that doctors have advised Rauf to rest for 4-6 weeks to recover from the injury after undergoing scans.

Rauf fell awkwardly on his shoulder in the last over while holding onto a stunning catch of Hasan Ali during Karachi’s thrilling run-chase as Lahore lost its fourth successive game in Pakistan’s premier domestic Twenty20 event.

Rauf struggled in the first three games but bounced back against Karachi with economical figures of 1-22 off his four overs.

“We are deeply saddened by Haris Rauf’s injury,” Lahore captain Shaheen Shah Afridi said. “It was painful to see him missing out … and his absence will be felt.”

Rauf’s injury is the second major bowling setback for Lahore after its premier spinner Rashid Khan of Afghanistan was ruled out before the tournament due to a back injury.


Pakistan approves mergers of leading Saudi company with stakes in its steel sector

Updated 12 min 26 sec ago
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Pakistan approves mergers of leading Saudi company with stakes in its steel sector

  • M/s Saudi Iron and Steel Company (Hadeed) deals in spot sales in Pakistan’s steel market, exports to South Asian country
  • Three mergers are not anticipated to raise competition concerns in the relevant market, says competition commission

ISLAMABAD: The Competition Commission of Pakistan (CCP) this week approved three mergers concerning a leading Saudi company that has a significant presence in Pakistan’s steel market, the regulatory body said. 

Based in the kingdom, M/s/ Saudi Iron and Steel Company (Hadeed) produces a range of steel products and deals in spot sales in Pakistan’s steel market. Hadeed also exports to the South Asian country through international traders.

The CCP said in its press release on Saturday that the Public Investment Fund (PIF), Saudi Arabia’s sovereign wealth fund, sent a pre-merger application to CCP to acquire 100 percent shareholding of Hadeed from M/s. Saudi Basic Industries Corporation (“SABIC”).

“PIF has entered into a share purchase agreement with SABIC, under which SABIC agrees to sell its entire share capital of Hadeed to PIF,” the CCP said. 

The second merger involved Hadeed acquiring 100 percent shareholding of Al Rajhi Steel Industries Company from M/s. Mohammad Bin Abdulaziz Al Rajhi & Sons Investment. 

Al Rajhi Steel, established in 1978, is a subsidiary of Al Rajhi Invest and is known for its steel manufacturing capabilities in Saudi Arabia. This involved a share exchange agreement between Hadeed and Al Rajhi Invest.

In the third stage, the CCP said PIF intends to dispose off its 44.5 percent shareholding in Hadeed to M/s. Mohammad Bin Abdulaziz Al Rajhi & Sons Investment, the CCP. It added that the move was intended to share control over Hadeed and Al Rajhi Steel to improve their respective production capabilities and increase their operational efficiency.

“These transactions, as per the information available, are not anticipated to raise any competition concerns in the relevant market,” the CCP said. 

It said Pakistan’s steel sector is “one of the most important industries in the country” and with investments, can raise the country’s GDP to bring benefits to both the economy and investors.


Pakistan inaugurates ‘pivotal’ polio campaign to immunize over 45.8 million children

Updated 25 February 2024
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Pakistan inaugurates ‘pivotal’ polio campaign to immunize over 45.8 million children

  • Polio volunteers to immunize children under five years old from Feb. 26 to March 3, says national health ministry 
  • Many believe in the conspiracy theory that polio vaccines are part of a Western ploy to sterilize Pakistan’s population

ISLAMABAD: Pakistan’s federal health secretary Iftikhar Shallwani on Sunday inaugurated a nationwide campaign against polio that aims to immunize over 45.8 million children against the disease, the national health ministry said. 

Pakistan is one of only two countries in the world where polio is endemic. The disease affects the nervous system of children and ultimately leads to paralysis.

The South Asian country’s efforts to contain polio have often been met with opposition, especially in the country’s northwestern Khyber Pakhtunkhwa province, where militants have carried out attacks against vaccinators and the security teams guarding them. 

Many believe in the conspiracy theory that polio vaccines are part of a plot by Western outsiders to sterilize Pakistan’s population. 

Shallwani inaugurated the campaign, which is set to launch nationwide on Monday, by administering polio drops to children. 

“This pivotal campaign, scheduled from Feb 26 to Mar 3, aims to immunize over 45.8 million children under the age of 5 across the country,” the Ministry of National Health Services wrote on X platform. 

Shallwani said polio is a “terrible” disease that can cause paralysis in children.

“Unfortunately, it continues to be a threat to our children because some people refuse to vaccinate children based on misconceptions and false information about the vaccine,” he said. 

He said volunteers will deliver the vaccine to people’s doorsteps from next week, requesting parents to cooperate with them. 

“I implore you to recognize the threat posed by the poliovirus to your children and ensure that you open your doors to facilitate their vaccination,” the health official said. 

Pakistani masses’ doubts regarding polio campaigns were exacerbated in 2011 when the US Central Intelligence Agency set up a fake hepatitis vaccination program to gather intelligence on former Al-Qaeda chief Osama bin Laden. 


Undefeated Quetta lock horns with Multan Sultans in PSL 9 clash today

Updated 7 min 29 sec ago
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Undefeated Quetta lock horns with Multan Sultans in PSL 9 clash today

  • Multan Sultans lost their first match of the tournament to Peshawar Zalmi this week 
  • Despite the loss, the Sultans top the Pakistan Super League points table due to strong run rate

ISLAMABAD: The undefeated Quetta Gladiators will be put to the test today, Sunday, when they face table-toppers Multan Sultans in match number 11 of the Pakistan Super League (PSL) 2024 set to take place in Multan. 

The Sultans sit pretty at the top of the table with six points from four matches. However, they lost to former champions Peshawar Zalmi on Friday by five wickets at their home ground in Multan. 

Under new skipper Rilee Rossouw, however, the Gladiators have won all three matches of theirs. 

“I am aware of the conditions on Multan hence I don’t encounter any difficulties playing there,” Rossouw said. “Every match is a new contest, we will implement our plan to win it.”

The Gladiators have the same number of points as the Gladiators, six, from three matches. However, they are placed at number two on the table due to a net run rate of +0.686. The Sultans have a run rate of +0.812 from their four matches. 

The match between the two sides is expected to begin at 2:00 p.m.

Playing XIs (probable):

Multan Sultans: Mohammad Rizwan (c & wk), Dawid Malan, Reeza Hendricks, Yasir Khan, Iftikhar Ahmed, Khushdil Shah, David Willey, Usama Mir, Abbas Afridi, Mohammad Ali, Shahnawaz Dahani

Quetta Gladiators: Saud Shakeel, Jason Roy, Rilee Rossouw (c), Sarfaraz Ahmed (wk), Khawaja Nafay, Shefane Rutherford, Akeal Hosein, Abrar Ahmed, Mohammad Amir, Mohammad Wasim, Mohammad Hasnain


Pakistan’s Sindh Assembly elects speaker from majority party 

Updated 37 min 24 sec ago
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Pakistan’s Sindh Assembly elects speaker from majority party 

  • Pakistan Peoples Party’s Syed Owais Qadir Shah secures 111 votes to win speaker’s election 
  • Election for the post of Sindh chief minister is scheduled to be held on Monday

KARACHI: Elections for the coveted posts of speaker and deputy speaker of Pakistan’s Sindh Assembly will be held today, Sunday, state-run media said, a day after newly elected members of the assembly were sworn in. 

Saturday’s oath-taking ceremony was marred by protests in Karachi staged by supporters of various political parties who allege that the Feb. 8 elections were heavily rigged. 

Supporters of the Jamaat-e-Islami, Grand Democratic Alliance, Jamiat Ulema-e-Islam (JUI) and other nationalist parties gathered near the provincial assembly in Karachi’s southern zone to protest alleged manipulation of Feb. 8 election, which was marred by a mobile network outage and delays in release of constituency results.

The Pakistan Peoples Party (PPP), which bagged the highest number of seats in Sindh, has nominated Murad Ali Shah, former Sindh chief minister, for the top provincial office once again. The party has also nominated Syed Owais Shah for the role of speaker, and Anthony Naveed for the post of deputy speaker of the Sindh provincial assembly.

“Elections of speaker and deputy speaker of Sindh Assembly will be held on Sunday,” the state-run Radio Pakistan said in a report. “On the other hand, the election of Sindh Chief Minister will be held tomorrow (Monday).”

The PPP bagged 84 seats in the southern Pakistani province, followed by the Muttahida Qaumi Movement-Pakistan (MQM-P) which secured 28 seats, while 14 seats were won by independent candidates. The JI and the GDA won two seats each.

While the inaugural Sindh Assembly session was in progress, several Pakistani parties on Saturday announced they would observe February 27 as a “Black Day” in response to Sindh police firing tear gas at their supporters protesting suspected rigging in the general elections earlier this month.

In view of the protest calls, the Sindh caretaker government on Friday imposed a ban under Section 144 on public assembly, gatherings, protests, processions, and demonstrations in Karachi’s South zone, where the provincial legislature is located, for a period of 30 days, according to the provincial home department.

Section 144 of the Code of Criminal Procedure (CrPC) empowers the administration to issue orders in public interest and place a ban on any activity for a specific period of time.