Pakistan’s HR tech startup Paismo has raised $1.3 million in a seed round, propelling its total funding to an impressive $1.5 million. The round was led by Indus Valley Capital and saw the participation of Antler from Singapore and Jedar Capital.
Paismo is a combination of ‘Paisa’, meaning money in Urdu, and ‘Mo’ representing the company’s modern approach. The startup’s mission is to simplify HR and payroll processes, promising to free up valuable resources and time for businesses to focus on growth.
What’s HR Tech? The human resource (HR) technology refers to the software and hardware technology used to automate essential HR functions. The global HR tech market, valued at $32.58 billion in 2021 is anticipated to skyrocket to $76.5 billion by 2031. The boost comes from increased HR automation and adoption of hybrid work models worldwide.
Streamlining HR processes
Headquartered in Lahore, Pakistan, Paismo has devised a pioneering subscription-based software-as-a-service (SaaS) product aimed at simplifying and streamlining human resource management for local businesses. Its innovative approach has garnered the attention of investors, leading to the successful seed funding round.
“Paismo’s SaaS offering is built to provide solutions internationally while creating local impact,” the startup said in its statement.
Paismo – “Made in Pakistan, for the world”
Aatif Awan, founder of Indus Valley Capital said: “I saw firsthand at LinkedIn how software can create economic opportunity globally. With Paismo, we are excited about the opportunity to build an incredible ‘Made in Pakistan, for the World’ SaaS product to solve a huge problem for employers and employees across emerging markets.”
In Pakistan, Paismo focuses on key initiatives by increasing employee bank account openings and easier access to health benefits.
Offerings: Pakistan’s first modern HR tech offers solutions, including employee management, attendance tracking, performance evaluation, and seamless payroll processing. Paismo provides “hire to retire” solutions which encompass end-to-end processes and tools that manage an employee’s entire lifecycle within an organization, from recruitment to retirement.
Co-founders: The driving force behind Paismo is its co-founders, Rebecka Zavaleta and Usama Mahmud, who initiated the venture during their time as students at the University of Pennsylvania. Zavaleta boasts a decade of product leadership in California, driving global product launches for tech giants including Google, TikTok, and Meta. Mahmud served as a technical advisor, aiding Punjab, Pakistan’s most populous province, in education reforms and successfully securing over $50 million in funding during 2020-21.
“We are building a product with a capital-efficient business model that can be scaled globally, while ensuring local benefit integrations. I believe Pakistan needs such tech-products that serve markets worldwide” Mahmud told Pakistani newspaper Business Recorder.
Expansion plans
From its origins in Pakistan to a global presence spanning countries like Ethiopia, Mexico, and the United States, Paismo offers comprehensive solutions covering the entire employee lifecycle, from hiring to retiring.
With this infusion of capital, Pakistan’s pioneering HR tech Paismo has its sights set on not only transforming HR technology within Pakistan but also expanding its footprint to the Middle East and Southeast Asia.
