FUNADIQ

FUNADIQ is decommodifying and democratizing the $40 B Muslim pilgrimage Sector. We are one of the 14 authorized platforms by the regulator to serve 10 M yearly pilgrims. Pakistan International Airlines (PIA) that transports 600 K pilgrims each year has inked a strategic partnership agreement with us. Pre-Covid, our pilot project has generated $1.2 M in Sales & we have 8000+ registered users. Our experienced global team is aiming for $700 M GMV by 2025 by disturbing the existing Umrah & Hajj pilgrimage.

Our multilingual product is fully functional
GMV: $1.2 M
Suppliers: 700+
Users: 8000 +
LTV: $1000
CAC: $6

Currently, Muslim Pilgrimage is a $40 B industry aiming to grow $100 B by year 2030. As of today 75% sector is Business to Business consisting of global travel agents and rest of 25% are direct pilgrims.

Since Muslims are living across the globe hence reaching out through a technological platform is more practical than physical on-ground presence. Countries with majority Muslim populations are Pakistan, Indonesia, India, Bangladesh, Turkey & Nigeria. Europe & North America are also major markets due to higher disposable income.

We offer Premium, Economy & Budget packages to cover the most commercial segments.

1.2 B Muslims around the world have to go for pilgrimage to Makkah, Saudi Arabia. Current, ecosystem is only commercially motivated and ritual centric. It is lacking transparency & trust hence failing to create the desired impactful pilgrim experience.

FUNADIQ decided to lead the disruption through decommodifying and democratizing the sector. We have introduced "Pilgrim First" framework to support all the stages of "Idea to Influencer" journey and make it frictionless for the customers & vendors using technology.

We have launched a social, commercial & spiritual platform to create a long lasting impactful experience. Our CSR initiative is committed to assure that we address the social & spiritual needs of the community while our revenue generating B2B & B2C marketplace is offering frictionless transactional experience to our customers.

In B2B segment, our direct competitors are 13 companies with similar license like us from the regulator. Some major names are Saudi Arabian Airlines, FlyNas, Agoda, UmrahMe, AlRajhi, Elaf etc

B2C segment, we are competing with local travel agents and group organizers.

Ground Services segment, our competition is mostly with unofficial service providers mostly individuals or local SMEs.

Major advantage is our Online Travel Agency status with the regulator that is restricted to only 14 companies around the world.

Additionally, our geographic reach, highly connected experienced team, technological infrastructure and business philosophy to engage global Muslim community makes us different than our competition.

Now, our strategic alliance with Pakistan International Airlines (PIA) will help us to reduce our CAC significantly as our partner has already a huge demand aggregation.

Currently, we have 4 revenue streams;
B2B - Online Platform Approved from the Regulator - Highly Exclusive Access
B2C - Strategic Partnership Platform with Airlines, Financial Institutions etc
B2G - Governments managed pilgrimage from Muslim majority countries
Meet & Greet Services at Saudi Arabia

We have already generated $1.2 M GMV during the pilot phase and now we are aiming for $700 M GMV by year 2025 with average 15% margin. We would be profitable from year 2022.

We generate commissions on platform transactions those are mandatory for any pilgrim to travel Saudi Arabia so our revenues are quite secured. We also receive referral fee, rebates and revenues through product sales. In future, we have plans to create additional revenues through subscription and retail product sales.

Currently, our LTV is $1000 that would be growing to $1300 by 2023. Our CAC is $6 that will drop to $4 during the same period.

Regulator Compliance - 30%
Product Development - 20%
Operational Capacity - 30%
Growth - 20%

We are open to SAFE, Debt as well as Equity Raise.

Currently, the biggest risk is Covid-19 related travel restrictions as well as customer confidence to resume the frequent traveling.

Our competition such as Saudi Arabian Airlines and Agoda are well established names with strong financial & operational capacity.

Global Growth & scaling with native risks needs attention as well.

Recently, one of our Founder has graduated from Founders Institute, Canada

So far, we have not participated in major competitions