Pakistani start-up Voyage Freight secures $1m in pre-seed funding
Published November 13, 2023
DAWN
Voyage Freight, a digital freight forwarding startup, announced on Monday that it had secured over $1 million pre-seed funding round to “revolutionise the international shipping sector in Pakistan”.
In a press release, the company said: “This strategic injection of capital marks a milestone in Voyage’s journey to transform the logistics industry for Pakistani exporters.”
Through this, the start-up says it can offer exporters a smooth end-to-end, global shipping solution with modern technology.
It added that this will help catalyse the company’s mission to “streamline and enhance the export logistics process for Pakistan’s growing trade market, through an innovative, technology-driven platform”.
The funding round was led by Indus Valley Capital, which highlighted the growing confidence in Voyage’s vision to simplify the complex nature of traditional global shipping.
Indus Valley Capital founder Aatif Awan said: “Increasing exports is a burning problem for Pakistan and an outdated, opaque global shipping experience remains a key impediment.
“Voyage’s vision of simplifying global freight for anyone in Pakistan, especially new and smaller exporters, really resonated with us. We’re excited to partner with them.”
“We are thrilled to have the support of our investors who share our vision of digitising and simplifying the export shipping process,” said Omar Mukhtar, co-founder of Voyage Freight.
Mukhtar is an alumnus of University College London and the London School of Economics and has experience with scaling companies within Pakistan’s competitive landscape.
Alongside him, Bilal Latif has experience in logistics and operations within Pakistan’s diverse industrial sectors.
He added: “This funding enables us to accelerate our mission of providing Pakistani exporters with a one-stop digital platform that manages their logistics needs from origin to destination, with complete transparency, visibility and control.”
Pakistan’s growing manufacturing sector presents the potential for growth in exports. However, the traditional freight forwarding processes are full of challenges such as lack of transparency and complex customs procedures, which lead to inefficiency and increased costs.
By merging all shipping operations onto a single dashboard, the platform allows clients “real-time visibility and control over their cargo, providing a transparent, efficient, and cost-effective shipping experience.”
Digital freight forwarding can provide an efficient avenue for clients in the country’s export sector, which can help tackle the current account deficit and support the rupee.
“In the current global economy, the ability to export efficiently is crucial for the growth and competitiveness of Industry” added Omar Mukhtar. “Our aim is to democratise access to global markets for exporters.”
The statement said: “Voyage’s solution aims to cater to the needs of businesses of all sizes, from SMEs to large enterprises.”
The company said it is setting its sights on becoming a key player in the logistics sector within the MENA Region, starting with a strong foundation in Pakistan.
