Abhi (Private) Limited (the "Company") was incorporated in Pakistan on April 20, 2021, as a private limited company under the Companies Act, 2017. The Company’s primary business activity is providing Investment Finance Services in compliance with the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003, Non-Banking Finance Companies (Establishment and Regulation) and Notified Entities Regulations, 2008. It obtained a license for Investment Finance Services under the Non-Banking Finance Companies (Establishment and Regulation) Rules, 2003, on April 15, 2022, valid until April 15, 2025.

Abhi, founded in 2021 by co-founders Mr. Omair Ansari and Mr. Ali Ladhubhai, has successfully raised approximately USD 30 million through Seed and Series-A funding rounds, led by prominent international venture capital firms. These rounds were supported by Vostok Emerging Finance, Y Combinator, Speedinvest, Global Ventures, VentureSouq, Fatima Gobi Ventures, Sarmayacar, and i2i Ventures. The Company’s registered office is situated at Office 505A, 5th Floor, Fortune Towers, Shahrah-e-Faisal, Karachi.

Abhi is a financial wellness platform that provides its clients' employees with salary advances based on their accrued wages. Abhi offers three products to its customers – Earned Wage Access (EWA), Payroll Financing, and Invoice Factoring. The three products have differing mechanisms for generating revenue, where EWA is a flat fee and transaction-based model, whereas payroll financing and invoice factoring allow businesses to borrow against their future cash flows.

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 (16.97%) and Mr. Ali Ladhubhai (16.23%) while the remaining shares are owned by renowned Venture Capitalists.

A detailed shareholders agreement is in place to ensure the co-founders and other shareholders will continue to be invested as the Company matures to ensure its growth trajectory.

The co-founders bring a well-rounded blend of expertise and experience. Mr. Omair Ansari, an accomplished investment banker, has over 15 years of experience in fintech and global financial markets. Previously, he was associated with Morgan Stanley, managing two funds with a combined portfolio of USD 600 million, focused on fintech investments in frontier and emerging markets, delivering notable returns. His career also includes senior roles at Renaissance Capital, Arqaam Capital, and Religare Capital Markets, where he specialized in equity research, institutional sales, and investments across emerging and frontier markets. Earlier in his career, he worked at Marshall Wace Asset Management and Amwal Investments, concentrating on Asian and MENA markets. Mr. Ansari holds an Honors Bachelor of Commerce degree in Finance and Political Science from McMaster University, Canada. Mr. Ali Ladhubhai is an ex-banker who has held managerial roles in retail banking/wealth management with HSBC, Samba Bank in Pakistan. COO and co-founder at CompareOn Pakistan Pvt Limited, and director of business development at Foreepay

As of the end Dec'24, the equity base of Abhi Limited stood at USD 30 million while the venture debt stood at USD 15 million (of which USD 10 million is unutilized and available for deployment).

Presently, Abhi’s Board of Directors comprises five members. Mr. Jehangir Shah, the Chairperson, also serves as the independent director. Mr. Omair Ansari and Mr. Ali Ladhubhai both serve as executive directors, Mr. Nwal Abdullah Gareeb, serves as an independent director whereas Muhammad Aminuddin serves as a nominee director.

Mr. Jehangir Shah, Chairperson of the Board, with over 40 years of leadership and professional experience in commercial and private banking, across multiple jurisdictions including Pakistan, the Middle East, and South America, possesses a deep understanding of the banking industry across Pakistan and international markets. His leadership roles include serving as Deputy Managing Director at Pak Oman Investment Company Limited, Country Manager for Pakistan for the Oman International Bank SAOG, and CEO of Capital Asset Leasing Corporation Limited. He has also held positions at Habib Credit and Exchange Bank Limited and Bank of Credit and Commerce International and was a sponsor director for the Pak Gulf Leasing Company Limited. Mr. Shah has served on the boards of multiple blue chip companies, including International Industries (IIL), Fauji Fertilizer Company Limited (FFC), Shaheen Insurance Company Limited, Pak Oman Asset Management Company, and Abhi (Pvt) Limited. Muhammad Aminuddin, a nominee director of Abhi (Pvt.) Limited, brings nearly 30 years of extensive experience in global financial services. Throughout his career, he has held key roles at renowned institutions such as American Express, ABN AMRO, and RBS, specializing in Global Commodity Finance, Financial Institutions, and Capital Markets. He also led Trade and Working Capital for Africa at ABSA Bank, a subsidiary of Barclays. In addition to his previous roles, Mr. Aminuddin has served as CEO of United Bank Limited, UK, and as Deputy CEO and Executive Director of IGI Life Insurance Limited. In January 2018, he achieved the prestigious Chartered Director qualification and was named a Fellow of the Institute of Directors, UK. Currently, he is the CEO of TPL Insurance and serves as a Board member of Abhi (Pvt.) Limited. Mr. Ali Muhammad Raza, an executive director at Abhi (Pvt.) Limited, brings over a decade of experience in banking, finance, and business operations. He currently serves as the Chief Operating Officer at Abhi, overseeing operations and managing relationships with key merchants. Prior to this, Mr. Raza was the Director of Business Development at Foreepay (Pvt.) Ltd, where he managed merchant relationships and project implementation. He also served as COO at CompareOn Pakistan (Pvt.) Ltd, where he optimized operations and developed partnerships with banks, insurance companies, and internet providers. Earlier in his career, he worked as a Premier Relationship Manager at HSBC Bank Middle East Ltd and as a Relationship Manager at Samba Bank Ltd, successfully managing large portfolios and driving business growth. Mr. Raza holds an MSc in International Economics, Banking, and Finance from Cardiff University, UK, and a BBA (Hons.) in Finance from the Institute of Business Management (IoBM), Karachi. Mrs. Nwal Abdullah Gareeb, Independent director, is currently the Head of Private Banking at JS Bank Limited. 

Abhi has formed four board-level committees, including the Audit, Investment, HR, and Risk & Compliance Committees. The independent director chaired the Audit Committee while a non-executive nominee director chaired the Risk & Compliance Committee, strengthening the board's effectiveness.

Abhi has engaged Baker Tilly Mehmood Idrees Qamar as its external auditors. The firm is ranked in Category-A on the State Bank of Pakistan’s panel of auditors. For the financial statements for the period ended December 31, 2023, the auditors issued an unmodified opinion. However, an Emphasis of Matter paragraph was included, highlighting unsecured financing of up to 10% of equity to a single borrower or group, as well as the formation of another company. The latter issue was resolved during CY24. According to management, the audit for the financial statements for the period ended December 31, 2024, is currently in progress and is expected to conclude soon.

Abhi has a functional organizational structure with the highest level of responsibility at the top. Employees are organized according to their specific skills and corresponding function in the Company.

The co-founders head the management team - Mr. Omair and Mr. Ali are also performing their roles at Abhi as the CEO and COO respectively. Abhi has in place a well-qualified team comprising industry experts. Mr. Syed Mohammed Ali Raza, a graduate from the University of Massachusetts, Amherst, is director of corporate finance and company secretary. Mr. Raza has 26 years of experience in asset management, investment banking, and advisory across the United States, frontier markets, and GCC countries. Mr. Naseer Khan, the CFO, has over three decades of experience in financial leadership, Mr. Khan is a seasoned professional who has held executive roles including CFO, CEO, Vice President, and Group GM across multiple industries, including financial services, fintech, automotive, oil & gas, and logistics. He is a Chartered Accountant (ICAEW) and holds a BSc (Hons) from the London School of Economics (LSE). Mr. Khan has a proven track record in strategic planning, mergers & acquisitions, business development, and organizational transformation. He has led financial restructuring, optimized financial functions, and implemented robust governance structures for major corporations. His leadership has driven profitable growth, improved market share, and enhanced financial operations through sophisticated financial modeling, risk management, and ERP integrations. Notably, he has served as CFO at Abhi Pvt. Ltd., Group CFO at TPL Group, and CFO at Al Futtaim Group, among other prominent roles. Mr. Sarkhail Bawany, head of product, is an accomplished professional with expertise in product management and finance, holding an MA (Hons) in Accountancy & Finance from Heriot-Watt University. Previously, as Product Manager at United Bank Limited, he designed an international remittance network and spearheaded initiatives that significantly boosted transaction volumes and debit card penetration. He also holds certifications in SAFe® 5 Product Owner/Product Manager and Enterprise Design Thinking from IBM. Mr. Ejaz Anwer, head of technology, is a seasoned technology leader with over 25 years of experience in software development and project management, focusing on the financial and e-Government sectors. As the Senior Vice President of Technology at Abhi (YC S21), he drives technology strategy and manages global project deliveries. With previous roles as CTO at Mubasher Media and InfoTech Group, Ejaz has led product development, digital transformation, and system architecture initiatives, leveraging his expertise in AWS, cloud technologies, and stakeholder management to enhance innovation and efficiency. Mr. Muhammad Minhaj, head of internal audit, is a seasoned professional with over 15 years of professional experience in Internal Audit, has previously worked for Meezan Bank, Faysal Bank and Bank AlHabib. Mr. Minhaj holds an ACCA qualification and professional certification of CIA. Mr. Muhammad Masood Awan, unit head risk, is a highly skilled underwriter with extensive expertise in structuring Shariah-compliant credit transactions across Pakistan, Bangladesh, and the UAE. Proven expertise in financial modeling, risk assessment, and data analytics to evaluate borrowers' financial health and optimize credit decision-making. Mr.Awan  Holds a Master’s in Finance (IBA) and is part-qualified ACCA. Skilled in R, VBA, Python, and financial analysis tools.

A management committee is in place which oversees all relevant matters for discussion pertaining to the operations.

Comprehensive MIS reports are generated on a daily/weekly/monthly for review by management on a regular basis. After successfully implementing the Turnkey Loan Management System, Abhi is now implementing and rolling out a customized, bespoke and internally developed Loan Management System that automates the entire lending process.

Abhi has implemented a comprehensive risk assessment framework and internally developed credit scoring models to effectively manage risks across its product portfolio. This framework defines the roles and responsibilities of the Board, Risk and Compliance Committee, management, and relevant departments in overseeing risks while ensuring alignment with the Company’s risk appetite. The Company employs the 5 C’s of Credit alongside its proprietary Credit Scoring Model for limit allocation, with final credit limits approved by competent authorities. A dedicated Risk Management department, supported by industry experts serving as advisors and consultants, has established robust internal processes and policies tailored to each product category. These processes ensure stringent limits and facilitate detailed customer analysis. Additionally, the introduction of an internal audit function has further enhanced Abhi’s risk management and control framework, contributing to stronger governance and operational efficiency. Going forward, to strengthen the credit evaluation process, all new client onboarding will be supported by an independent assessment report from internationally renowned rating agency “Dun & Bradstreet”. These reports will include credit limit recommendations and client-specific insights to enable informed decision-making.

The business environment in the country has remained challenging. Measures taken by the Government toward economic stabilization have impacted overall business sentiments. Due to adverse economic indicators in recent periods, the scenario has turned into a gloomy outlook. The cost of business has risen and NBFCs continue to face stiff competition from banks.

Abhi has emerged as a key player in the country’s fintech sector with a financial wellness platform designed for individuals and businesses.

In CY24, the Company's markup income declined by 11% and stood at PKR 2,092mln (CY23: ~PKR 2,358mln) due to lower earnings from the investments side. While the non-markup income during CY24 inclined to PKR 113mln (CY23: PKR 14mln). Moreover, the markup expenses declined by 43.5% and stood at PKR 285mln (CY23: PKR 505mln) because of a decrease in finance costs. Consequently, the Net Markup Income stood at PKR 1,808mln (CY23: PKR 1,853mln).

During CY24, APL’s profit after tax declined by ~4% and stood at ~PKR 288mln (CY23: ~PKR 301mln). This decline was primarily attributed to higher provisioning expenses and an increase in bad debts written off during the period. The provisioning expenses rose to PKR 176mln (CY23: PKR 93mln) and the bad debts written off inclined to PKR 141mln (CY23: PKR 107mln).

The management plans to ensure sustainability by having the right people around with a focus to establish revenue sources and at the same time reducing the risk to avert disruptions.

Abhi has in place documented policies pertaining to credit risk management. The policies are approved by the Board of Directors with clearly defined limits over and above the regulatory guidelines for its products and clients. Abhi has limited the credit risk by having a policy of not engaging in the unsecured lending business and providing financing against earned revenues and emoluments. Risk Policy is part of a comprehensive framework for managing risks across all the operational and strategic functions of Abhi Private Limited. It serves as a set of guiding principles outlining the organization's approach to identifying, assessing, monitoring, and mitigating the spectrum of risks inherent in its business operations.

The funding from VCs has been raised in USD terms. This exposes Abhi to the risk of PKR devaluation as the repatriation of profits would be USD. Reasonable hedging measures would help to counter this risk. Abhi invests unutilized cash in low-risk financial instruments such as T-Bills and TDRs. Standard techniques for measuring market risk shall be employed, and regular stress testing will be conducted on both the lending portfolio and existing capital market securities to assess potential vulnerabilities.

Abhi presently uses and will continue to do so in the future, its capital for an advance against earned emoluments which are short-term in nature and therefore liquid and carry minimal market and liquidity risk. Abhi also intends to raise debt from the local market. To effectively manage liquidity risk, Abhi ensures the availability of adequate funds to meet its obligations as they come due and to support ongoing portfolio growth. By maintaining a proactive approach, Abhi aligns its liquidity position with its strategic goals, ensuring resilience and flexibility. Regular engagement with capital and money markets forms the foundation of Abhi's strategy, enabling it to secure diversified funding sources and maintain liquidity risk at consistently low levels. The treasury team, in collaboration with the finance team, shall actively explore opportunities to raise additional capital through the money and capital markets. The treasury team shall also continuously monitor  Abhi's obligations to ensure timely availability of funds for settlements. Comprehensive reports are presented to board committees, ensuring that directors are well-informed to guide the organization strategically.

At end-Dec’24, the Company’s equity stood at ~PKR 2.8bln (Dec’23: PKR 2.6bln). Abhi has authorized share capital of PKR 5.0bln while the paid-up capital stood at ~PKR 2.0bln at end-Dec’24.