In the evolving landscape of Pakistan’s startup ecosystem, the archetype of an average startup founder is often characterized as young, motivated, well-educated—often in the United States—disruptive, and deeply committed to problem-solving. Monis Rahman embodies this image but stands apart as a pioneer, having navigated the entrepreneurial waters of Pakistan long before many of today’s founders even entered the scene. His journey began over two decades ago, in 2003, when he first launched his ventures in Pakistan.
Monis Rahman’s most notable achievement is the online employment portal, Rozee.pk, which not only marked a significant milestone as the first Pakistani startup to secure venture capital funding but also laid the groundwork for future tech initiatives in the country. Now, at the age of 53, he is poised to embark on yet another venture: Dukan. This new platform, born out of the challenges posed by the COVID-19 pandemic, aims to create a comprehensive digital commerce, payments, and lending ecosystem tailored for Pakistan’s five million micro, small, and medium enterprises (MSMEs). Dukan seeks to connect these businesses while providing them with essential supply chain solutions.
In light of the recent layoffs and the global funding slowdown, Monis is steering Dukan in a fresh direction. He expresses optimism about this new venture, claiming it could be a groundbreaking initiative, both locally and globally. Through a strategic partnership with easypaisa, Dukan is launching a solution called easypaisa Karobar, designed as a fully integrated end-to-end platform for retailers and their supply chains. This platform not only facilitates in-app online payments but also offers lending options through easypaisa, reflecting a holistic approach to supporting MSMEs in Pakistan.
However, Monis is acutely aware that the startup landscape in Pakistan has transformed significantly in recent years. Securing funding is no longer as straightforward as it once was, and many founders are now learning that sound business fundamentals are just as crucial as innovation and disruption. Statistically, the failure rate of startups is alarmingly high, with approximately 90% of them ultimately not succeeding; the most vulnerable period is typically the first five years. Those that endure the challenges of funding crises and market downturns emerge as the resilient few.
Monis Rahman’s journey into entrepreneurship can be traced back to his time in Silicon Valley during the late 90s. After graduating from Stanford University in 1996 with a degree in Computer Engineering, he began working with Intel, where he was involved in microprocessor design. His entrepreneurial spirit ignited when he founded eDaycare.com, a platform that provided online video streaming services to daycare centers across the United States. This venture, coupled with the startup boom in the U.S., inspired Monis to explore opportunities back home in Pakistan.
When he returned to Pakistan in 2003, the landscape was vastly different from what it is today. The country was still in the nascent stages of embracing technology, with limited internet access and a banking system just beginning to reform. Despite these challenges, the economy was booming, bolstered by international aid and a burgeoning urban middle class. Monis faced skepticism from peers who questioned his decision to return, insisting that he would soon head back to the U.S. Yet, undeterred, he embarked on his entrepreneurial journey in Pakistan.
Monis’ first venture, Naseeb.com, was a Muslim-centric social media platform that provided matchmaking services for young adults. While it initially garnered traction, the rise of free platforms like Facebook ultimately overshadowed Naseeb. However, during this time, Monis identified a gap in the job market and created Rozee.pk, which quickly gained popularity and eventually became a pivotal player in the job recruitment space in Pakistan. Rozee.pk’s success led to significant funding, and it became a trailblazer in the country’s nascent startup ecosystem.
In the years that followed, Monis continued to innovate, exploring opportunities in financial technology and microfinance. His involvement with Kashf Microfinance Bank, which aimed to serve underrepresented women entrepreneurs, further solidified his commitment to promoting financial inclusion in Pakistan. Monis later helped launch Finja, a digital wallet service, which introduced mobile banking solutions to a population that had long been underserved by traditional financial institutions.
By 2020, the Pakistani startup landscape had evolved dramatically, with new players like Airlift and Bazaar attracting significant funding. However, the COVID-19 pandemic brought unprecedented challenges, leading to layoffs and funding shortages across the sector. Monis leveraged his experience to adapt Dukan, enabling it to survive and eventually thrive in this new environment. The platform rapidly onboarded businesses seeking digital solutions and aimed to address the needs of MSMEs—an often overlooked segment of the economy.
Dukan’s recent partnership with easypaisa to launch easypaisa Karobar marks a pivotal moment in its evolution. The platform is designed to empower retailers by providing them with digital financial services, enabling them to manage their operations more efficiently. This collaboration is especially significant as the State Bank of Pakistan seeks to enhance financial inclusion for the country’s unbanked population.
As Monis Rahman continues to innovate within Pakistan’s startup ecosystem, he embodies the resilience and adaptability necessary for success in a challenging landscape. While he may no longer be the lone warrior he once was, his journey from Silicon Valley to the heart of Pakistan’s entrepreneurship scene remains an inspiring testament to the power of vision, determination, and the relentless pursuit of opportunity. The future holds exciting possibilities for Monis and Dukan as they navigate the evolving landscape of digital commerce and financial services in Pakistan.
