Trax, a logistics startup focused on the eCommerce industry of Pakistan, has secured $3.7 million in seed funding.
The funding round was participated by Amaana Capital from the US, Tricap Investments from UAE, PNO Ventures, and angel investors including Omer Ismail (CEO of One, a Walmart-backed fintech) and Jahanzeb Sherwani (a Silicon Valley tech entrepreneur).
The startup plans to use the funds to introduce new product verticals in fintech and other technology areas. Trax, founded in 2017 with a focus on the eCommerce sector of Pakistan, claims to make a million deliveries per month and employs approximately 2,000 individuals.
According to funding data from 2022, Pakistani eCommerce startups topped the list with a total of around $190.27 million raised in 16 deals. Fintech startups, on the other hand, bagged approximately $100 million in 19 deals, while logistics startups received $28.1 million in funds.
This marks the third funding round for a Pakistani startup in March. Previously, Trukkr announced a $6.4 million round, followed by Maqsad which announced a $2.8 million round.
With still seven days left for the month and quarter to end, the total disclosed funding raised in March has already reached $12.9 million.