Automotive Industry

Okayker Raises $700K Funding to Transform Pakistan’s Automotive Industry

Startups 01 Jun 2023 481 Views

Okayker, a leading automotive maintenance, repair, and emergency vehicle services provider, secures $700K in seed funding. The investment was led by investors, including Faizan Khan from FRIM Ventures, Ibrahim Khan from Cur8 Capital, Mohammad Sameja from Sabr Capital, and a prominent Pakistan-based private equity firm.

Okayker has transformed the automotive industry by driving innovation for seamless car maintenance facilities. The company’s skilled technicians bring professional expertise directly to customers’ doorsteps, providing hassle-free and efficient maintenance, repair, and emergency services.

A group of aspiring founders established Okayker to drive innovation in the automotive sector, providing car owners with convenient and reliable maintenance facilities. By eliminating the need for clients to waste their productive hours at workshops, Okayker offers on-location maintenance services, ensuring customer satisfaction, and also provides a warranty on all the services they provide. Staying true to its word of providing reliable services, the company has recently signed an MOU with Mobil, a leading lubricant brand, to combat issues of counterfeit products in the market.

Considering Okeyker’s goal of transforming the automotive industry in Pakistan, various investors partook in the seed round.  One of the investors, Faizan Khan from FRIM Ventures, said, “FRIM Ventures eagerly supports Okayker’s mission to enhance transparency and control in the fragmented auto care space, leveraging their disruptive business model and a clear path to profitability for a sustainable future.” Another investor from Cur8 Capital, Ibrahim Khan, commented, “We were impressed by the company’s ambitious and proactive approach to driving innovation in the automotive industry, and we’re excited to embark on this journey together.”

“Mohammad Sameja from Sabr Capital said, “By introducing transparency and digitization to an outdated auto repair ecosystem, Okayker effectively alleviates a major pain point by addressing a significant challenge for car owners amidst the rising costs of new vehicles.” Moreover, A Pakistan-based private equity firm added, “We are committed to accelerating Okayker’s growth in Pakistan and the MENP region while enabling their transformation into a digital company through IoT and data analytics.”

“My father was the first auto parts importer for right-handed Japanese vehicles in the 1960s. Unfortunately, not much has changed in the automotive repair and maintenance industry since then. Most workshops and auto parts retailers still operate on pen and paper, like 40 years ago. I feel it was my responsibility to bring this industry to the new age,” said Nashit Iqbal, CEO of Okayker.

Okayker is a tech-driven company aiming to digitize the $90Bn automotive repair and maintenance industry in the MENAP region. The company has secured $700K in seed funding, aiming to accelerate its growth in Pakistan and facilitate expansion in the MENAP region. The company has resolved over 27,500 car issues, fixed 10,000+ cars, and served 7,500+ car owners while boosting workshops’ revenue by 110% through increased utilization. The experienced founding team has a track record with successful startups like Delivery Chacha, Careem, Daraz, and FindMyAdventure.

About Okayker

Okayker is a platform aiming to digitize the automotive repair and maintenance industry in the MENAP region. They provide an end-to-end solution, including a mobile application for customers to schedule appointments and OkayCore, an ERP system for workshops to manage transactions and attract customers. With a focus on improving workshop utilization and quality standards, Okayker has resolved over 27,500 car issues, fixed 10,000+ cars, and increased workshop revenue by 110%. They have received funding from institutional and angel investors and aim to expand their world-class services across Pakistan.