MFSYS invests Rs 50 million in Chkar — Pakistani online vacation rental marketplace

MFSYS Chkar rental marketplace

Chkar Lodging & Experiences, an online vacation rental marketplace has raised Rs 50 Million funding in its first round of seed funding from leading banking automation company, MFSYS.

The agreement for the raised Rs 50 million funding was signed between the two companies at an event held on Friday at the MFSYS HQ in Islamabad.

Ali Ahmed, CEO of MFSYS Microfinance System, while expressing his views said that the Pakistani startup has the capability and the huge potential to grow at an accelerated pace in Pakistan, Central Asia and beyond. He said that this agency is well-positioned to offer quality services that help make sharing easy, enjoyable, and safe.

Read more: Pakistani startup FindMyAdventure raises $600,000 to grow its online travel platform

MFSYS, as an equity holder, would provide state-of-art technology solutions to Chkar to better serve its customers and expand its offerings of an online rental marketplace globally.

Chkar Lodging & Experiences was started in 2006 and officially founded in 2017 as an online vacation rental marketplace which is now termed as Gilgit Baltistan’s first Airbnb. Its mission is to create a huge community in Pakistan where people can live through healthy travel, share culture, and live like locals.

The marketplace uniquely connects people through technology and offline to economically empower hundreds of people in Gilgit Baltistan and Kyber Pakhtunkwa of Pakistan to unlock and monetize their spaces, passions, and talents and become hospitality entrepreneurs.

Chkar’s accommodation marketplace can provide access to 5 million travelers to stay in unique places of Gilgit Baltistan and Khyber Pakhtunkhwa. It gives access to travelers to get connected with hosts within a community.

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