Autogenie.pk, an automobile service startup based out of Lahore, has raised $100,000 in funding from PakWheels.com at an undisclosed valuation.
PakWheels, which is Pakistan’s leading portal for everything related to automobiles, operates in a similar space and the new step in its partnership with Autogenie would see the two involved in more collaboration and sharing of resources and expertise.
The injected capital will be used to build up infrastructure in Lahore and expand operations before the service launches in Karachi. Marketing is also going to be a focus since car maintenance through an online portal is a somewhat foreign concept to most owners.
Over the course of the next year, AutoGenie.pk aims to expand operations nationwide with major cities like Karachi, Islamabad and Lahore being the primary target markets.
Also read: Auto Genie: Say Goodbye to the Hassle of Keeping a Car
Since we covered the startup a few months ago, its grown to around 1500 customers. It’s the teams focus on customer satisfaction that made giants like PakWheels take notice. We should mention that since the two operate in the same sphere, it’s much more than just a capital investment. AutoGenie will be able to tap into PakWheels’ existing resources like user base, OEM linkages as well as car-data.
As far as division of service offerings go, AutoGenie.pk will cover services segment (Periodic Maintenance etc) while PakWheels.com will continue building up Digital Services like Insurance Planner, Car Financing, and Certifications.etc.
It bears mentioning that PakWheels itself raised $3.5 million last year. This investment shows that they view the on-demand service industry in Pakistan as a sector that could see significant growth.
Muhammad Raza Saeed, CEO of PakWheels, said:
We are very excited to partner with AutoGenie.pk. They are pioneer in the on-demand service industry in Pakistan and given their focus on auto related services, it’s a natural fit with PakWheels.com. Together, we will make buying, selling and maintaining car even simpler and hassle-free.
Hassan Samiuddin, COO of AutoGenie.pk, said:
This partnership entails many opportunities for both the venture, we aim to cover the whole car space by offering a number of state-of-the-art services. Investment is just a slice of this deal, we are more enthusiastic about our collaboration in the days to come.
Pakwheels is not a VC but they invested wisely. Good to see Pakistani entrepreneurs going big