“Moveit Founders Pitch for Rs. 5.5 Cr in Exchange for 2.5% Equity on Shark Tank Pakistan”
Uzair Khan and Hasan Baig are founders of Moveit. Uzair Khan said that When I graduate and came back to Pakistan, I joined the family business which was related to agriculture and textiles. I realized very early on that every business has a huge stake in Pakistan’s economy. Pain point is its transport and logistics. On coming back from university, I discussed my idea with hasan and we came up with the idea Moveit; an aggregator in Pakistan moving and shipping services.
The company has generated Rs. 60 Cr. PKR oof revenue in last 3 years. They asked for Rs. 5.5 Cr PKR for 2.5% equity. Rs. 2.2B Valuation. Shark Usman asked them to tell how your service operate? Founder said that we enable the gig economy in the market. We connect the laborers, movers, vendors, drivers with services that businesses want and household customers want. Shark Aftab asked them how much capital have you raised before this? Founder said that we have raised a total of 17.5 Cr PKR since 2021 and our last raise was four months ago and it was 5.5 Cr PKR.
Funding Raise Previously Rs. 17.5 Cr. (72% founders and remaining investors and ESOPs). Shark Junaid asked them how many truckers or such vendors are with you and on the other side, how many customers have you acquired till date? Founders said that because we have been there for four to three years. It’s been done and in the initial one year we are working on supply, so we have a total 3k – 4k trucking drivers, we have got over 200 vendors that work with us.
Founders said that service module is now only available on our app. For B2B we used web based platform, we only work with special client like you know because B2B services are more like specialized services in which we have clients like Foodpanda, Daraz etc. then we have to give them customized service and working with them. In one year we did work worth about 18 Cr PKR, out of which we took about 10 to 11% margin.
Founders said that we are raising Rs. 5.5 Cr PKR that is specifically for the relocation segment within Pakistan and Saudi Arabia. So initially we have just signed an MOU and there is still a way to sort of align things on how this partnership will go further. At the all Sharks gave their opinions and said that your valuation is very high so thats why all Sharks are out for this deal and the deal is not done.
They understand the market and already generating good revenue. As a founders try to understand one thing when you are pitching to investors that the investor is here to make money, if you already raised the money on high valuation then it will be difficult to raise funding from investors who prefer to invest in early stage startups.
https://www.instagram.com/moveit.pk/?hl=en
Sumbal is shark tank enthusiast, ever since the show started airing, she has followed it. She likes writing and researching about startups. She is also helping a few startups scale.
