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  • Backed by US and UAE-based private equity firms, Pakistani logistics startup raises $3.7 million 


Backed by US and UAE-based private equity firms, Pakistani logistics startup raises $3.7 million 

The undated photo shows Trax logo printed on a delivery box. (Photo courtesy: trax.pk/Website)
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Updated 25 March 2023
Khurshid Ahmad
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Backed by US and UAE-based private equity firms, Pakistani logistics startup raises $3.7 million 

  • UAE-based Tricap Investments joins other investors in funding round that will allow Trax to accelerate its growth   
  • Pakistani startups have raised $15.2 million since January this year as compared to around $350 million raised in 2022  
Updated 25 March 2023
Khurshid Ahmad

KARACHI: Trax, a Pakistani startup building logistics for digital economy, has raised $3.7 million in a Seed funding round from a consortium of strategic investors, the startup announced on Friday.  

The round was co-led by the US-based Amaana Capital, making it’s second direct investment into Pakistan, and the UAE-based Tricap Investments. PNO Ventures committed to the round as did angel investors, including CEO of Walmart-backed fintech One Omer Ismail and Silicon Valley tech entrepreneur Jahanzeb Sherwani.   

Pakistan saw a huge funding rush in 2021 when startups attracted around $360 million but the funding fell to around $350 million in 2022. With the latest funding round, the amount disclosed by Pakistani startups has increased to $15.2 million in 2023.        

Trax said the funding would be utilized to expand logistic operations with introduction of new tech-based business solutions to customers.  

“The investment will be used to accelerate the growth of Trax's logistics services and the introduction of new business verticals such as fintech and technology solutions for customers,” the startup said in a statement on Friday. 

Trax, one of the pioneering logistics players in the Pakistani e-commerce sector, has been instrumental in facilitating the growth of e-commerce in Pakistan since its launch in mid-2017 by introducing innovative logistics solutions and disrupting the extended payment cycles of legacy players.   

"We have built Trax with hard work and passion while funding ourselves because of our strong belief in the model. This funding will allow us to accelerate our journey as we continue to solve problems for the ecommerce & logistics industry through our tech solutions," said Hassan Khan, founder and CEO of Trax.  

"Our new partners will help open doors for us to markets outside Pakistan and guide us to launch new verticals as we take Trax from a logistics company to one that solves connectivity issues and enhances financial inclusion in Pakistan."   

Trax has built the third-largest delivery network in Pakistan with "access to 95% of the population," served through over 100 warehouses, hubs, and retail centers nationwide, according to the statement.   

The company also pioneered a by-road fast-transit line haul system for e-commerce improving lead times while reducing costs for their clients. Trax works with more than 7,000 ecommerce merchants and also has clients in the banking, pharmaceuticals, FMCG and manufacturing industries, who trust its exceptional team of over 2,000 talented individuals to move their goods with speed and efficiency.   

"We are impressed with Trax's innovative approach to logistics and their commitment to providing high quality solutions to their customers,” Suleman Soorani, a partner at Tricap Investments, was quoted as saying in the statement. 

"Trax has an exceptional leadership team and a proven track record of delivering scale." 

Aziz Hashim, managing partner at Amaana Capital, and other investors also expressed their confidence that the company will continue to expand its operations and become a leading logistics player in Pakistan.  

Earlier, Maqsad, a Pakistani edtech company, had announced raising $2.8 million in a seed funding round while in another fund-raising deal the AdalFi, a Lahore-based digital lending infrastructure, had raised $7.5 million, whereas $1.2 million were raised by Swag Kicks, a Karachi-based second-hand online clothing marketplace. 

Topics: Pakistani startup

Pakistan farmers announce nationwide protest from May 10 amid wheat import crisis

Updated 05 May 2024
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Pakistan farmers announce nationwide protest from May 10 amid wheat import crisis

  • Farmers are demanding the government stop wheat imports that have flooded markets, leading to price slump
  • Agriculture contributes about 24 percent of the GDP and accounts for half of the employed labor force in Pakistan
Updated 05 May 2024
KASHIF IMRAN

ISLAMABAD: Pakistani farmers on Sunday announced a nationwide protest over the wheat import crisis from May 10, a day after Prime Minister Shehbaz Sharif promised to address their grievances.
Farmers in Pakistan’s Punjab province, which produces most of the wheat crop, are demanding the government stop wheat imports that have flooded the market at a time when they expect bumper crop.
They say the import of wheat in the second half of 2023 and the first three months of this year has resulted in excess amounts of the commodity in the country, leading to reduced prices.
On Saturday, PM Sharif took notice of the matter and formed a committee under the Ministry of National Food Security and Research to address farmer grievances, Pakistani state media reported.
“On the 10th [of May], after the Friday prayers, we are initiating protest from Multan and this protest will be expanded to the whole of Pakistan,” Khalid Khokhar, who heads the Kissan Ittehad Pakistan, said at a press conference.
“Thousands of farmers will come, there will be hundreds of tractors, trailers. Animals, cattle and children and women will also be accompanied.”
Agriculture is the backbone of Pakistan’s economy and constitutes its largest sector. According to the Pakistan Bureau of Statistics (PBS), agriculture contributes about 24 percent of the Gross Domestic Product (GDP) and accounts for half of the employed labor force in the country.
However, the prices of wheat have dropped in Pakistan in recent weeks and are much below the government’s support price of Rs3,900 per 40-kilogram bag.
“We do not have any option other than this. The mafia made Rs100 billion, Pakistan’s $1 billion worth of foreign exchange was spent and the farmers incurred around Rs400 billion losses,” Khokhar said.
“They slaughtered 60 million farmers just for the sake of corruption.”

Topics: Pakistan wheat Pakistan Wheat Scandal Pakistan farmers

Pakistan’s Dr. Shahzad Baig makes it to TIME’s 100 world leaders in health

Updated 05 May 2024
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Pakistan’s Dr. Shahzad Baig makes it to TIME’s 100 world leaders in health

  • Before arriving in Pakistan, Baig was a technical adviser to Nigeria’s polio eradication effort, which remained successful
  • Pakistan, Afghanistan are only two countries in world where polio continues to threaten health and well-being of children
Updated 05 May 2024
Arab News Pakistan

ISLAMABAD: US news magazine TIME has included Dr. Shahzad Baig, the Pakistan Polio Eradication Programme’s national coordinator, to its list of 100 most influential people across the world in the field of health in 2024.
The list, titled ‘TIME100 HEALTH,’ this week honored individuals from across the world for their services for fresh discoveries, novel treatments, and global victories over disease.
Baig was recognized for his efforts for the eradication of poliovirus, which mainly affects children under the age of ten years by invading their nervous system, and can cause paralysis or even death.
Pakistan and Afghanistan are the only two countries in the world where polio continues to threaten the health and well-being of children. 
“On the front lines in the effort to stamp it [polio] out is Dr. Shahzad Baig, national coordinator of Pakistan’s polio-eradication program,” TIME wrote on its website.
“In 2019, polio disabled or killed 147 people in Pakistan; since Baig assumed the position, in 2021, case counts have plummeted, with only six children stricken in 2023.”
Before arriving in Pakistan, Baig was a technical adviser to Nigeria’s polio eradication effort, which succeeded spectacularly, according to the US magazine.
In 2020, the African country became the most recent one in the world to be declared polio-free.
“If Baig has his way, Pakistan will be the next,” it added.

Topics: Time 100 Health Pakistan Polio Service Dr. Shahzad Baig polio eradication

Canada has ‘political compulsion’ to blame India for Sikh slaying — New Delhi

Updated 05 May 2024
AFP
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Canada has ‘political compulsion’ to blame India for Sikh slaying — New Delhi

  • Canadian police on Friday arrested three for the murder of Hardeep Singh Nijjar, saying they were investigating their links to Indian government
  • The killing soured Ottawa-New Delhi diplomatic ties after PM Trudeau said there were ‘credible allegations’ linking Indian intelligence to crime
Updated 05 May 2024
AFP

NEW DELHI: Canada’s investigation into alleged Indian involvement in the assassination of a Sikh separatist in Vancouver last year is a “political compulsion,” New Delhi’s foreign minister said after three Indian citizens were arrested over the killing.
Canadian police on Friday arrested the trio for the murder of Hardeep Singh Nijjar, saying they were investigating their links to the Indian government, “if any.”
The killing sent diplomatic relations between Ottawa and New Delhi into a tailspin last autumn after Prime Minister Justin Trudeau said there were “credible allegations” linking Indian intelligence to the crime.
India vehemently rejected the allegations as “absurd,” halting the processing of visas for a time and forcing Canada to significantly reduce its diplomatic presence in the country.
“It is their political compulsion in Canada to blame India,” the Press Trust of India news agency quoted external affairs minister S. Jaishankar as saying on Saturday.
Thousands of people were killed in the 1980s during a separatist insurgency aimed at creating a Sikh homeland known as Khalistan, which was put down by security forces.
The movement has largely petered out within India, but in the Sikh diaspora — whose largest community is in Canada, with around 770,000 people — it retains support among a vocal minority.
New Delhi has sought to persuade Ottawa not to grant Sikh separatists visas or political legitimacy, Jaishankar said, since they are “causing problems for them (Canada), for us and also for our relationship.”
He added that Canada does not “share any evidence with us in certain cases, police agencies also do not cooperate with us.”
Nijjar immigrated to Canada in 1997 and acquired citizenship 18 years later. He was wanted by Indian authorities for alleged terrorism and conspiracy to commit murder.
The three arrested Indian nationals, all in their twenties, were charged with first degree murder and conspiracy.
They were accused of being the shooter, driver and lookout in his killing last June.
The Canadian police said they were aware that “others may have played a role” in the murder.
In November, the US Justice Department charged an Indian citizen living in the Czech Republic with plotting a similar assassination attempt on another Sikh separatist leader on American soil.
A Washington Post investigation reported last week that Indian foreign intelligence officials were involved in the plot, a claim rejected by New Delhi.

Topics: Canada India tensions India Canada relations Khalistan movement

PCB chief announces $100,000 reward for each player if Pakistan wins T20 World Cup

Updated 05 May 2024
Shahjahan Khurram 
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PCB chief announces $100,000 reward for each player if Pakistan wins T20 World Cup

  • Mohsin Naqvi made the announcement during his visit to Qaddafi Stadium, where the Babar Azam-led side has been practicing
  • The Pakistan side is scheduled to travel to Ireland, England for T20 tours later this month, followed by the World Cup in June
Updated 05 May 2024
Shahjahan Khurram 

ISLAMABAD: Mohsin Naqvi, chief of the Pakistan Cricket Board (PCB), has announced $100,000 reward for each player in case the national side wins the upcoming Twenty20 World Cup, the PCB said on Sunday.
Naqvi made the announcement during his visit to the Qaddafi Stadium in Lahore, where the Babar Azam-led side began the national camp on Saturday, according to the PCB.
He stayed there for two hours and held a detailed discussion with Pakistan players on the strategy of upcoming games.
“This reward is nothing compared to Pakistan’s victory,” Naqvi was quoted as saying.
“I hope you will raise the green flag. Play without any pressure and compete hard. God willing, victory will be yours.”
The Pakistan side is scheduled to travel to Ireland and England for T20 tours later this month.
The tours will help the side prepare for the T20 World Cup scheduled to be held in the United States and the West Indies in June.

Topics: Pakistan Cricket Board Mohsin Naqvi Pakistan cricket team

IMF says its mission will visit Pakistan this month to discuss new loan

Updated 05 May 2024
Reuters
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IMF says its mission will visit Pakistan this month to discuss new loan

  • Pakistan last month completed a short-term $3 billion program, which helped stave off sovereign default
  • But the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program
Updated 05 May 2024
Reuters

KARACHI: An International Monetary Fund mission is expected to visit Pakistan this month to discuss a new program, the lender said on Sunday ahead of Islamabad beginning its annual budget-making process for the next financial year.
Pakistan last month completed a short-term $3 billion program, which helped stave off sovereign default, but the government of Prime Minister Shehbaz Sharif has stressed the need for a fresh, longer-term program.
“A mission is expected to visit Pakistan in May to discuss the FY25 budget, policies, and reforms under a potential new program for the welfare of all Pakistanis,” the IMF said in an emailed response to Reuters.
Pakistan’s financial year runs from July to June and its budget for fiscal year 2025, the first by Sharif’s new government, has to be presented before June 30.
The IMF did not specify the dates of the visit, nor the size or duration of the program.
“Accelerating reforms now is more important than the size of the program, which will be guided by the package of reform and balance of payments needs,” the IMF statement said.
Pakistan narrowly averted default last summer, and its $350 billion economy has stabilized after the completion of the last IMF program, with inflation coming down to around 17 percent in April from a record high 38 percent last May.
It is still dealing with a high fiscal shortfall and while it has controlled its external account deficit through import control mechanisms, it has come at the expense of stagnating growth, which is expected to be around 2 percent this year compared to negative growth last year.
Earlier, in an interview with Reuters, Finance Minister Muhammad Aurangzeb said the country hoped to agree the contours of a new IMF loan in May.
Pakistan is expected to seek at least $6 billion and request additional financing from the Fund under the Resilience and Sustainability Trust.

Topics: Pakistan IMF talk IMF bailout

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