Pakistan’s leading tax filing portal Befiler has received $1.5 million in seed funding from both foreign and local investors.
According to an official press release, Cistech Capital and Lakson Venture Capital (LVC) co-led the seed round, which included participation from local investors as well.
Befiler’s principal investor Cistech Capital is excited to support the company’s growth and the digital transformation of Pakistan’s tax system. In the last two years, Befiler has grown at an exponential rate. To increase documentation and tax compliance across the country, the company has formed partnerships with Pakistan’s leading corporate entities and business associations/chambers.
Asad Ali Shah, the chairman of Befiler, stated, “We are proud to be the leader in digital tax advisory and related services in Pakistan, already serving the largest number of customers in this field and rapidly expanding our presence in various financial services. Our goal is to provide seamless services in a timely and cost-effective manner to millions of people within Pakistan and globally.”
The Befiler app has over 1 million downloads and over 460,000 users on the Google Play Store, with a Google app rating of 4.5 stars out of 5. In the coming years, the company has set its sight on serving over two million individuals, SMEs, and businesses.
“We are very excited to support Befiler in its mission to transform the digital tax ecosystem in Pakistan. Befiler’s revenue and user growth have been remarkable and we are excited to see it emerge as the dominant market leader in digital taxation and the financial wellness space in Pakistan,” said Babar Lakhani, the managing partner of LVC.
Befiler’s aim is to become Pakistan’s largest and most powerful digital tax services portal, enabling taxpayers to take control of their tax affairs. The startup has found success in the startup industry since its inception. It was awarded a grant from the DFID-funded Innovation Challenge Facility for Digital Financial Services in 2019.
