# Sarmayacar

Sarmayacar is a Private Equity based in Lahore, Pakistan.

## Overview

- **Organization type:** Private Equity
- **Headquarters:** Lahore, Pakistan
- **Region:** Asia
- **Address:** Lahore, Pakistan
- **Founded:** 2019
- **Assets under management:** Undisclosed (Fund I closed at $25m in 2019 per firm website)
- **Website:** www.sarmayacar.com
- **LinkedIn:** https://www.linkedin.com/company/sarmayacar

## Regulatory record

- **Reports private funds:** No

## About

Sarmayacar is Pakistan's leading venture capital firm. It backs daring entrepreneurs building market-transforming technology startups in Pakistan. As a sector-agnostic fund, it invests in a variety of startups operational in Pakistan, including pre-revenue companies through an operator angel program and later-stage companies through the main fund.

## Sectors

- FinTech
- Mobility & Transportation
- Media & Entertainment
- Digital Health
- AgriTech & FoodTech
- Logistics & Supply Chain
- Gaming
- Education

## People

- Rabeel Warraich — Founder and General Partner
- Bernhard Thiel — International and General Partner
- Osama Usman — Investment Lead

## Questions

### Who makes investment decisions at Sarmayacar?

Rabeel Warraich founded the firm and serves as General Partner, drawing on his prior experience deploying over $3B at GIC and his earlier syndicate investing. Bernhard Thiel is the International and General Partner, and Osama Usman leads the investment function as the CFA charterholding Investment Lead, handling deal execution and portfolio support.

### How does Sarmayacar source deals in Pakistan?

Deal flow originates from the founding team's deep domestic network — Warraich had been syndicating personal venture checks in Pakistan since 2016 — coupled with referrals from diaspora founders and local accelerators. The firm's full-time presence in Lahore gives it early visibility into technology businesses emerging from Karachi, Lahore, and Islamabad.

### What investment stage does Sarmayacar typically target?

The firm focuses on seed and early-stage rounds. Portfolio companies such as Bykea, ABHI, and Dawaai received capital at the venture and early-growth stages, targeting technology-enabled businesses that have demonstrated product-market fit and are ready to scale across Pakistan.

### Does Sarmayacar participate in fund commitments or only direct deals?

Sarmayacar executes direct equity investments into operating companies, not fund-of-fund commitments. The firm's model relies on building concentrated, board-level relationships with a portfolio of roughly two dozen Pakistani and diaspora-founded ventures.

### Which sectors does Sarmayacar explicitly avoid?

There is no published exclusion list, but the firm's portfolio reveals a heavy concentration on tech-enabled business models in large, fragmented domestic markets — fintech, logistics, healthcare, and entertainment. Traditional brick-and-mortar industries, commodities, and heavy manufacturing are absent from the disclosed portfolio.

### What is Sarmayacar's known posture on co-investments?

Sarmayacar has syndicated rounds alongside both local and international co-investors, as seen in portfolio companies like ABHI (which later gained Hub71 and Mastercard Start Path backing). However, the firm does not market a formal co-investment program, and most rounds appear to be led or structured directly by Sarmayacar.

## Related profiles

- [Sargent Investment Group](https://altss.com/profile/sargent-investment-group)
- [Sarmis Capital](https://altss.com/profile/sarmis-capital)

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Last updated: 2026-08-11T15:08:04.536Z

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