ISLAMABAD: Two Pakistani startup companies have made it to the Forbes Asia 100 To Watch 2024 list, published by the American business magazine on Tuesday, highlighting the South Asian nation’s growth in the competitive landscape of e-commerce and finance.
Fintech company NayaPay and retail startup DealCart, led by Chief Executive Officers Danish Lakhani and Haider Raza, respectively, have raised a total of $16 million in funding and made it to the annual ranking of 100 small companies and startups in the Asia-Pacific region.
The list features companies recognized for their innovation, growth and potential to disrupt their respective markets.
This year, companies from 16 countries are represented on the list, operating across 10 industries, including enterprise technology and robotics, finance, manufacturing and energy.
“NayaPay raised $13 million in a 2022 seed funding round led by Zayn Capital, MSA Novo and Graph Ventures,” Forbes said in an article, adding that DealCart also “raised $3 million in a seed funding round co-led by Abu Dhabi-based Shorooq Partners and London-based Sturgeon Capital” in July.
NayaPay is a fintech startup that operates a payment processing platform in Pakistan, aiming to help digitalize transactions between consumers and businesses, it said, adding that the online app supported an e-wallet, virtual debit card and online payments whereas NayaPay also offered businesses with point-of-sale devices that can be installed in stores.
According to Forbes, DealCart is an e-commerce and retail startup headquartered in Karachi that operates an online grocery store targeting Pakistan’s growing middle class where fruits, vegetables, snacks, detergents and other sundries can be ordered. Small grocery stores can also sell on DealCart to tap its customer base, it said.
In May, a group of seven Pakistanis featured in the popular Forbes 30 Under 30, earning international recognition for their leadership abilities in their professional fields. These included fintech entrepreneurs Aleena Nadeem and Sarkhail Bawany, filmmaker Bushra Sultan, Trukkr co-founder Kasra Zunnaiyyer, and Linkstar founders Adeel Abid, Aizaz Nayyer and Ali Raza.
In March, Forbes named two Pakistanis in its list of the Middle East’s 100 Most Powerful Businesswomen for the year 2024 which included Shaista Asif, co-founder and group chief executive officer (CEO) of PureHealth Holding health care network in the United Arab Emirates (UAE) and United Bank Limited and Board Risk & Compliance Committee board member Shazia Syed.
Two Pakistani startups feature on Forbes Asia 100 To Watch 2024 list
https://arab.news/4t4cn
Two Pakistani startups feature on Forbes Asia 100 To Watch 2024 list
- NayaPay and DealCart made it to the list of companies from 16 countries after raising $16 million in seed funding
- The annual list features companies recognized for innovation and potential to disrupt their respective markets
European gas prices soar almost 50% as Iran conflict halts Qatar LNG output
- Analysts warn prolonged disruption could push prices higher
- Some shipments of oil, LNG through Strait of Hormuz suspended
- Benchmark Asian LNG price up almost 39 percent
LONDON: Benchmark Dutch and British wholesale gas prices soared by almost 50 percent on Monday, after major liquefied natural gas exporter Qatar Energy said it had halted production due to attacks in the Middle East.
Qatar, soon to cement its role as the world’s second largest LNG exporter after the US, plays a major role in balancing both Asian and European markets’ demand of LNG.
Most tanker owners, oil majors and trading houses have suspended crude oil, fuel and liquefied natural gas shipments via the Strait of Hormuz, trade sources said, after Tehran warned ships against moving through the waterway.
Europe has increased imports of LNG over the past few years as it seeks to phase out Russian gas following Russia’s invasion of Ukraine.
Around 20 percent of the world’s LNG transits through the Strait of Hormuz and a prolonged suspension or full closure would increase global competition for other sources of the gas, driving up prices internationally.
“Disruptions to LNG flows would reignite competition between Asia and Europe for available cargoes,” said Massimo Di Odoardo, vice president, gas and LNG research at Wood Mackenzie.
The Dutch front-month contract at the TTF hub, seen as a benchmark price for Europe, was up €14.56 at €46.52 per megawatt hour, or around $15.92/mmBtu, by 12:55 p.m. GMT, ICE data showed.
Prices were already some 25 percent higher earlier in the day but extended gains after QatarEnergy’s production halt.
Benchmark Asian LNG prices jumped almost 39 percent on Monday morning with the S&P Global Energy Japan-Korea-Marker, widely used as an Asian LNG benchmark, at $15.068 per million British thermal units, Platts data showed.
“If LNG/gas markets start to price in an extended period of losses to Qatari LNG supply, TTF could potentially spike to 80-100 euros/MWh ($28-35/mmBtu),” Warren Patterson, head of commodities strategy at ING, said. The British April contract was up 40.83 pence at 119.40 pence per therm, ICE data showed.
Europe is also relying on LNG imports to help fill its gas storage sites which have been depleted over the winter and are currently around 30 percent full, the latest data from Gas Infrastructure Europe showed. In the European carbon market, the benchmark contract was down €1.10 at €69.17 a tonne
