Okayker, an automotive on-demand startup, has closed $700,000 in seed funding. The round saw participation from Orbit Startups, Cur8 Capital, FRIM Ventures, and Sabr Capital. Local and international angel investors.
Founded in January 2021 by Nashit Iqbal, Hasnain Akber, Asjad Amin, and Anusha Shahid, the startup initially provided basic periodic maintenance services at customers’ doorsteps. Since then, it expand to streamline the auto parts industry through tech. According to their press statement, the automotive repair and maintenance industry in MENAP stands at $90 billion. The startup was previously a part of SOSV’s 12th cohort of Mobile Only Accelerator (MOX).
Their platform consists of a mobile application for customers to conveniently schedule appointments and OkayCore, an end-to-end ERP for workshops. The latter enables vendors to streamline their operations, record transactions, attract new customers, source spare parts, and access financial services.
The startup has had a good run so far, having reportedly served over 7.500 car owners and fixed 10,000+ cars. They also claim that the revenue of workshop owners increased 110% after partnering with OkayKer.
Faizan Khan of FRIM Ventures said: “The autocare space is highly fragmented with immense information asymmetry. Okayker aims to solve this problem with enhanced transparency and control for the customer. While having a disruptive business model, Okayker’s financial plan sees a clear path to profitability which is critical for a viable and sustainable business model.“
The company plans to expand its services across Pakistan while also working on launching the first automotive emergency service. They also plan to leverage technologies such as IoT and data analytics to further enhance their digital capabilities.