In Pakistan’s disruptive startup ecosystem, Monis Rahman, a seasoned entrepreneur, is gearing up for his latest venture, Dukan, amid the challenges brought about by the COVID-19 pandemic. A trailblazer in the Pakistani startup scene since his entry in 2003, Rahman’s journey has been marked by both successes and setbacks, with his online employment portal, Rozee, securing the title of the country’s first VC-funded startup.
Now, at the age of 53, Rahman is embarking on a novel direction with Dukan, a digital commerce, payments, and lending ecosystem aimed at supporting Pakistan’s micro, small, and medium enterprises (MSMEs) through supply chain solutions. Partnering with easypaisa, Dukan is set to launch easypaisa Karobar, a comprehensive platform offering in-app online payment facilities and lending options for end-stage retailers and their supply chains.
As Rahman positions Dukan for this ambitious endeavor, it’s crucial to consider the shifting dynamics of Pakistan’s startup landscape. With funding becoming scarcer and a heightened emphasis on solid business fundamentals, the challenges for startups have intensified. Rahman, however, brings a wealth of experience from his Silicon Valley days in the late ’90s, where he witnessed the tech boom and imbibed the spirit of innovation.
His first foray into the Pakistani startup scene, Naseeb.com, a Muslim-centric social media platform, eventually paved the way for Rozee’s success. Recognizing the payment challenges faced by Rozee, Rahman delved into financial technology, later contributing to the launch of Finja and the mobile wallet SimSim.
The Dukan chapter began amidst the boom of startups like Airlift, Bazaar, and others, but the funding crunch of 2021 led to layoffs and a reassessment of strategies. Rahman’s resilience and adaptability allowed Dukan not only to weather the storm but also to turn profitable.
Now, the partnership with easypaisa marks a strategic move to address the unmet banking needs of two million retail merchants across Pakistan. Easypaisa Karobar aims to digitize commerce for MSMEs, offering them a one-stop solution for ordering supplies, making payments, and accessing loans based on credit ratings provided by Dukan.
As Pakistan grapples with a challenging economic climate and global uncertainties, Rahman’s focus on sustainable business models and financial prudence reflects a broader trend among startups. Dukan’s collaboration with easypaisa Karobar exemplifies the convergence of e-commerce and banking, with the potential to drive financial inclusion for the country’s thriving but underserved MSMEs.
In an era where startup success is increasingly defined by adaptability, Rahman’s journey continues to be a testament to the enduring spirit of innovation and entrepreneurship in Pakistan. As the tech industry navigates turbulent waters, Dukan’s pivot and partnership with easypaisa may well be a pioneering move that charts a new course for the country’s startup ecosystem.
