The Pakistani cashflow service provider, Udhaar Book, has raised $6 million in early funding to digitize Kiryana stores that still largely operate using manual registers.
Despite the growing increase of cashless societies in today’s world, Pakistan still remains mostly a cash-based economy, being home to about 30 million small and medium – scale enterprises that deal with cash. This results in small-scale business owners and shops being unable to expand as much of their resources are spent on handling cash.
Udhaar Book aims to fix this problem. Initiating operations last year, Udhaar Book has garnered 1.4 million registered users with half a million monthly active users. According to Fahad Kamr, co- founder of Udhaar Book, this is the highest active user base in the small store segment of the digital bookkeeping industry. Furthermore, Udhaar Book also provides services such as inventory, invoicing and payroll management.