Pakistan Leading Tax Portal Befiler Receives $1.5M Seed Funding

An official press release states that the seed round was co-led by Cistech Capital and Lakson Venture Capital (LVC), with participation from regional investors as well.

Pakistan Leading Tax Portal Befiler Receives $1.5M Seed Funding

Befiler, Pakistan’s top tax filing portal, has received $1.5 million in seed money from international and local investors.

An official press release states that the seed round was co-led by Cistech Capital and Lakson Venture Capital (LVC), with participation from regional investors as well.

Cistech Capital, the primary investor in Befiler, is eager to support both the expansion of the business and the digitization of Pakistan’s tax system. Befiler’s growth over the previous two years has been exponential. pp The company has partnered with the top corporate bodies and business associations/chambers in Pakistan to increase documentation and tax compliance throughout the nation.

Befiler’s chairman, Asad Ali Shah, said, “We are proud to be the leader in digital tax advisory and related services in Pakistan, serving the largest number of clients in this area and quickly expanding our presence in various financial services. Our mission is to offer millions of people in Pakistan and around the world seamless services in a timely and economical manner”.

On the Google Play Store, the Befiler app has over 1 million downloads, over 460,000 users, and a 4.5-star user rating. The company plans to support over two million individuals, SMEs, and businesses in the upcoming years.

“We are thrilled to help Befiler in its effort to change Pakistan’s digital tax ecosystem. Befiler’s revenue and user growth have been astounding, and we are thrilled to see it establish itself as the dominant market leader in Pakistan’s digital taxation and financial wellness sectors, according to LVC managing partner Babar Lakhani.

Befiler wants to grow to be the biggest and most effective digital tax services portal in Pakistan, giving taxpayers control over their tax affairs. Since its inception, the startup has enjoyed success in the startup sector. It was awarded a grant from the DFID-funded Innovation Challenge Facility for Digital Financial Services in 2019.