LAHORE: Frontier Digital Ventures will invest US$3.5 million into PakWheels.com
Frontier Digital Ventures is a Malaysia-based venture capital fund which is focused on online classifieds businesses in the emerging and frontier markets and PakWheels.com has signed venture capital investment deals into a Pakistan technology venture.
Muhammad Raza Saeed, Co-Founder and CEO of PakWheels.com, said while commenting on the deal, “Pakistan’s internet user base is expected to grow to 100 million users by 2019 and we want to be the go-to place for anything and everything to do with wheels for this online population. This round of funding will help us strengthen our leadership position, improve existing services and build new offerings. Think Wheels, Think PakWheels.”
Over the last 10 years, PakWheels.com has assisted millions of Pakistanis buy and sell cars and bikes, read automotive reviews and news, check automotive prices and find solutions to their automotive needs. Despite the introduction of competing classifieds websites by giants like Naspers, Schibsted and other international internet firms, PakWheels.com has managed to grow its market share owing largely to the cult-like following of its brand, a very loyal user base, great execution by the management team and marketing programs that are inclusive of the brick and mortar car dealerships in the country.
