ISLAMABAD: A Pakistani startup announced on Tuesday it had raised $1.3 million in a seed round led by Indus Valley Capital with the participation of Singapore-based Antler and Jedar Capital.
Paismo has designed a subscription-based program for local businesses to streamline human resource activities, though it also plans future expansion to the Middle East and other countries.
The seed round brought the tech firm’s total funding to $1.5 million after it also raised $200,000 in November.
“Paismo HR is excited to announce our over $1.5M raise to date with Business Recorder,” the startup announced on its LinkedIn page. “We are honored to empower businesses in Pakistan and globally optimize their People functions and business growth!”
“We invite businesses of all sizes to participate in a free product demo,” it added. “Start early with us to lock in special pricing. We’re here to grow with you.”
According to Business Recorder, a local newspaper, Paismo was set up by two University of Pennsylvania students, Rebecka Zavaleta and Usama Mahmud, with an aim to utilize technology to facilitate human resource processes.
The tech firm issued a statement, saying it planned to explore international markets in the Middle East and North Africa along with the Southeast Asian region.
“We’ve sat through hundreds of different company payrolls and are building the most streamlined, customisable product where setup happens in just days versus months within the industry,” Zavaleta told the Pakistani newspaper.
Mahmud, the co-founder of the firm, maintained his startup was building a capital-efficient business model that could be scaled globally.
“The main HR and payroll challenges that business faces are often similar, regardless of the location,” he added.
Pakistani startups raised about $375 million of global funding in 2021 which exceeded the overall financing received by them in the previous six years.
However, they found themselves a difficult situation more recently as the country faced huge financial challenges before securing a $3 billion short-term bailout from the International Monetary Fund earlier this year.
