The Pakistan Credit Rating Agency Limited
Press Release


Muhammad Atif Chaudhry

Applicable Criteria

Related Research

This press release is being transmitted for the sole purpose of dissemination through print/electronic media. The press release may be used in full or in part without changing the meaning or context thereof with due credit to PACRA

PACRA suspends the Entity Ratings of Abhi (Pvt.) Limited

Rating Type Entity
(28-Nov-23 )
(28-Nov-22 )
Action Suspended Initial
Long Term - A-
Short Term - A2
Outlook Stable
Rating Watch - -

PACRA assigned initial ratings to Abhi (Pvt.) Limited in Nov'2022. The Company embarked on a program to upgrade their systems and controls, in line with industry best practices. The Company switched their ERP system and changed the accounting entry system. These upgrades and changes took time and therefore the finalization of the accounts was completed in November 2023 for the period ending on 31st Dec'22, as per the management representations to PACRA. Consequently, the management was not able to share the audited accounts in time to help assess the rating opinion, which is completing its annual cycle today. PACRA, after consultations with the company, has temporarily suspended the rating opinion of Abhi (Pvt.) Limited (APL) with immediate effect. The ratings will be reassessed when the required information is made available. The company’s management intends to restart the process soon.

About the Entity
Abhi (Pvt.) Limited is a fintech startup with an NBFC license incorporated under the Companies Act, 2017 on April 20, 2021. Their flagship product is Earned Wage Access, while invoice factoring and payroll financing is also available. The Company is 99.99% owned by Abhi Fintech Limited, which in turn is 100% owned by Abhi Limited. Abhi Limited is primarily owned by the co-founders - Mr. Omair Ansari (20.21%) and Mr. Ali Ladhubhai (19.33%) while the remaining shares are owned by renowned VCs.

The primary function of PACRA is to evaluate the capacity and willingness of an entity to honor its obligations. Our ratings reflect an independent, professional and impartial assessment of the risks associated with a particular instrument or an entity. PACRA's comprehensive offerings include instrument and entity credit ratings, insurer financial strength ratings, fund ratings, asset manager ratings and real estate gradings. PACRA opinion is not a recommendation to purchase, sell or hold a security, in as much as it does not comment on the security's market price or suitability for a particular investor.