KarloCompare announced today that they have raised a PKR 7-figure funding from Hina Khawaja Bayat and Roger Dawood Bayat in their first angel investment round. The exact amount remains undisclosed.
KarloCompare, a finance startup, takes its functional model from other e-commerce stores where you can compare various products available. It serves as a one-stop place for consumers to browse through a complete range of credit cards, personal and auto loans, broadband packages, travel and auto insurances. The startup’s co-founders, Sumair Farooqui and Ali Ladhubhai, with their background as bankers are doing all the legwork by accumulating necessary information at one place, allowing people to make informed decisions.
Speaking on the massive effect their startup can have, Sumair said:
“Buying personal financial products in Pakistan can be a tedious process. With KarloCompare, Pakistani consumers will be able to discover and easily access personal finance products that match their requirements. We are confident that our efforts will help consumers in making more informed decisions about the financial products and services that they consume”.
When they sat down for an interview with TechJuice in April, they had just started off. The funding they have raised in a relatively small time since their launch is worth appreciating. With their funding, however, the startup will also see some changes in their team. Roger Dawood Bayat will join the company as the Chairman of the Board to help direct the team in building out operations. Since launching, they have also added Farid ul Haque and Muhammad Rehan Qadri to their advisory board. Farid will provide strategic guidance to the team and board of directors, whereas Rehan will provide guidance and oversight in building scalable financial technology products for the company.
Investor Hina Khawaja Bayat, rather impressed with the startup, said:
“A service like KarloCompare is beneficial for both consumers and product providers. It allows the consumer to make an informed, independent choice at a bargain price. Since these are not physical products that one needs to feel, touch or see, it allows someone like myself access to them without the hassle of going out there and finding the best option suited to my needs. KarloCompare does that for me! And for many women out there who want to make independent choices, particularly regarding their own finances, KarloCompare will make their lives easier by giving them all the options in one place.”
Since their launch KarloCompare has gone on to establish partnerships with leading insurance providers such as Jubilee General Insurance and EFU General Insurance, with other partnerships in the pipeline. At the moment the website hosts a total of 266 products and services in the multiple product categories that are live. Other categories are to be added in the near future.