It is with immense pleasure we bring you the news of another startup raising investment. Plan9’s alumni startup Affordable.pk raises investment on Idea Croron Ka – Pakistan’s First Business Reality Show. On the 18th we saw the 1st episode of Idea Croron Ka where the qualifiers of auditions pitched in front of the professional panel of investors and expert advisor. The first startup to pitch was Affordable.pk. Wajiha and Kashan, the co-founders, after a tense negotiation were able to convince the investors to invest in their startup idea of promoting reverse commerce where sellers can earn money by turning their closet into cash. It is a marketplace of qualified pre-owned items for buyers and sellers of social community. Wajiha and Kashan asked for Rs. 1.5 crores against 15% equity but after an extended negotiation with the investors, they settled for Rs. 1 crore for 30% equity. With this huge investment they not only get money but expert advice and mentorship of 2 highly successful entrepreneurs/investors. It was a joint investment by Mr. Salim Ghauri, CEO at Netsol and Mr. Humayun Mazhar, CEO at Cres Soft.
When in conversation with Wajiha and Kashan this is what they had to say about it: “We are extremely happy to have investors like Humayun Mazhar and Salim Ghauri on board. Giving a small portion of equity against their guidance and mentorship is nothing.”
Wajiha and Kashan have worked hard on their startup. They have a very interesting story of struggles and success to share. This is what Wajiha had to say about her entrepreneurial journey:
[dropcap color=”#888″ type=”square”]All[/dropcap] through my childhood I was raised with the traditional thought of becoming a doctor and be a lifesaver in the future. But I was always into gadgets and tech tools. Therefore, instead of being a boring doctor, I wanted to become a business woman even when I had no idea what a business woman exactly did. But today, if I look back, I know it’s all about hard work, passion and enthusiasm.
Starting off with zero investment, no capital and a single computer, my husband and I initiated a digital design agency Conceptbeans Pvt Ltd from scratch. With undying perseverance we eventually partnered with design agencies in USA and UK and became one of the top rated agencies on Upwork.
I am a serial entrepreneur and made headways after winning the 2015 WeCreate Challenge Cup for women entrepreneur. It was the turning point for me as it opened my mind to different prospects of entrepreneurship. Right in those days traditional classified e-commerce sites were facing a lot of issues and were being misused causing scams and frauds in the social community. Being an entrepreneur I decided to take it up as a challenge and find a way to resolve it. This is how I started Affordable.pk a startup based on shared economy and reverse commerce to help the ecosystem and empower social community towards entrepreneurship. Later we got incubated at Plan9 and things saw a great improvement from there onwards.
I also hold the honor of representing Pakistani women internationally at IFC and UNICEF programs, proving the capability of Pakistani women and IT industry, both nationally and globally. What I learnt through all my experience is that no matter how farfetched your dream may be, hard work makes the impossible become possible.”
Dr. Umar Saif, Chairman PITB and Nabeel A. Qadeer, Director Entrepreneurship and Enterprise Development, PITB wished the couple and co-founders of Affordable.pk very best in the entrepreneurial journey ahead. They both indeed played a major role in supporting the startup in getting investment on the show. We wish Wajiha and Kashan all the very best for their future endeavors. We hope they get to make the most of this investment. Most importantly it is great to see local investors showing their interest and putting faith in young entrepreneurs and TV shows like Idea Croron Ka coming up for offering a platform that bridges the gap between entrepreneurs and investors. Way to go!