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Khareed Technologies, a provider of cloud-based enterprise e-procurement and spend management software, was awarded the Lahore Chamber of Commerce and Industry Achievement Award for Emerging Enterprises 2019 for outstanding achievement and innovation in the arena of business technology solutions.
His Excellency President of Pakistan Dr. Arif Alvi presented the award trophy to Khareed CEO Haroon Sethi at a ceremony held at Aiwan-e-Sadr.
The Emerging Enterprises Award is given on the basis of exceptional performance and innovation by a new economy company, and factors in employment created, revenue generated, and taxes paid.
Speaking to members of the LCCI Executive Committee and business community present at the event, President Alvi highlighted the potential of the information technology sector to drive growth in the economy, create high-quality jobs, and bolster the country’s foreign exchange inflows. He spoke of the government’s efforts to digitize the economy and improve transparency and documentation of domestic trade, an initiative that Khareed is leading from the private sector.
Khareed’s mission is to bring about increased transparency and efficiency in business-to-business commerce by enabling greater digitization. Launched in 2016, Khareed has brought affordable e-procurement tools to hundreds of small and medium-sized businesses, several large corporate entities and public sector entities across Pakistan’s major industries including the bank, textile, cement, and sugar sectors.
As a PPRA compliant e-procurement platform, Khareed enables both government-owned and private sector companies to easily conduct competitive tendering at a low cost. Using Khareed’s procurement process management tools, companies are able to streamline their business procurement, reducing costs through increased price transparency and process automation.
Khareed’s strong focus on innovation has also gained recognition internationally. Earlier this year, Khareed was accepted into Silicon Valley-based accelerator Founder’s Embassy summer program, making it the first and only Pakistani startup to be selected along with only seven other start-ups from around the world.
