Pakistan’s digital automobile services provider, Okayker, has successfully secured seed funding of $700,000 from several institutional investors, including Orbit Startups, Cur8 Capital, FRIM Ventures, and Sabr Capital. This significant funding round also attracted various local and international angel investors who expressed strong faith in the start-up’s ambitious objectives.
Okayker has embarked on a mission to bring digital innovation to the MENAP region’s $90 billion automotive repair and maintenance industry.
Faizan Khan, a representative from FRIM Ventures, expressed the firm’s enthusiasm about supporting Okayker in this venture. He highlighted the severe fragmentation and information asymmetry in the autocare sector, believing that Okayker’s drive to promote enhanced transparency and customer control could be a game-changer. Khan also lauded Okayker’s business model, stating its clear trajectory towards profitability is essential for a robust and sustainable business model.
Okayker was established in January 2021 by Nashit, Hasnain, and Asjad, with a humble team of three technicians providing basic periodic maintenance services. Despite starting with a meager three orders per day, the start-up has made impressive strides, fixing over 10,000 cars in the last 26 months, a success attributed to strong customer retention and referrals.
In its journey so far, Okayker has onboarded over 250 vendors, supplying more than 30,000 SKUs across Karachi to a vast network of 850 workshops.
Founder of Okayker, Nashit Naviwala, expressed his drive to innovate the auto care sector, “With my family having deep roots in the automotive industry, I comprehend its challenges first-hand. We aim to bring a digital revolution in this largely pen-and-paper sector, with a strong emphasis on customer education and facilitating informed decisions about auto parts and services,” said Nashit.
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Okayker identified three main challenges faced by existing roadside workshops: underutilization, logistical difficulties in parts procurement, and the absence of digital systems for transactions and customer data. Addressing these, Okayker developed OkayCore, empowering workshop owners to manage customer orders, delegate tasks, source auto parts, and offer online payment options.
A private equity firm based in Pakistan expressed confidence in accelerating Okayker’s growth in the region and assisting their digital transformation through IoT and data analytics implementation.
Looking to the future, Okayker plans to extend its reach across Pakistan, and introduce the nation’s first automotive emergency service through its network of workshops.
The positive impact of Okayker is evident, with a workshop owner sharing, “My income doubled after partnering with Okayker, enabling me to fund my sister’s wedding.”
In a further development, Okayker is partnering with lubricant brands and recently signed a memorandum of understanding with Mobil to tackle the widespread issue of counterfeit products in the market.
