Biography of Fasih Hasmuk: Founder and CEO of LibXR- Entrepreneur
Biography of Fasih Hasmuk:
Founders' Vision: Revolutionizing Education with Technology
Fasih Hasmuk, the founder of LibXR, embarked on an ambitious
journey to transform the education sector in Pakistan. Their vision was to
create a platform that made learning more engaging, interactive, and accessible
through advanced technology. By using immersive 3D content, such as books and
flashcards, LibXR sought to bridge the gap between traditional education and
the potential of digital tools. Their innovative approach aimed to bring
real-time learning experiences to students, enhancing their understanding and
retention of complex concepts.
The Concept of LibXR: Interactive 3D Learning Tools
LibXR’s core offering is its ability to create 3D
educational materials, such as books and flashcards, that allow students to
experience a more immersive way of learning. By using augmented reality (AR)
and virtual reality (VR) technologies, LibXR makes education interactive and
fun, as opposed to traditional, static learning methods. Their products are
designed to be easy to use, ensuring that students of all ages can benefit from
this technology. These 3D tools not only make subjects more engaging but also
cater to different learning styles, enhancing the overall educational
experience.
LibXR’s Pitch on Shark Tank Pakistan: Seeking Investment
The duo pitched their idea on Shark Tank Pakistan, asking
for an investment of 10 million PKR in exchange for 10% equity. They valued
their business at 100 million PKR, showcasing the potential for rapid growth
and significant impact in the education sector. The founders presented their
product's capabilities, emphasizing its ability to simplify and speed up 3D
content creation for businesses and individual users. Their innovative solution
seemed poised to disrupt various industries, especially education, gaming, real
estate, and healthcare, where 3D content is becoming increasingly important.
The Sharks’ Reactions: Mixed Interest and Concerns
The Sharks were impressed with the technical innovation
behind LibXR but raised several concerns. They were particularly cautious about
the scalability of the business and the competitive landscape. While they
recognized the value of the product, the Sharks questioned whether the market,
especially in Pakistan, was ready to adopt such advanced technology at scale.
Additionally, the founders had to address concerns about customer acquisition
and how they would differentiate themselves from other players in the emerging
tech space.
The Negotiation: From 10% Equity to 25%
After a detailed discussion, the founders’ initial offer of
1 crore PKR for 10% equity faced some pushback. Romanna Dada, one of the
Sharks, saw potential in the business and offered to invest 1 crore PKR for 25%
equity instead. While the founders were initially hesitant about giving up a
larger portion of their company, they ultimately agreed to the terms, accepting
Romanna’s investment. This deal marked a turning point for LibXR, securing the
financial backing they needed to scale their business and refine their
products.
Biography of Fasih Hasmuk: Founder and CEO of LibXR- Entrepreneur/age/net worth/startup/3D educational tools like books & flashcards/shark tank
LibXR’s Business Model: Catering to Both B2B and B2C Markets
LibXR operates on both B2B and B2C models, offering
subscription-based plans to businesses that need bulk 3D content or custom
integrations. On the B2C side, LibXR provides pay-per-use options and tiered
subscriptions for individual users who want to access 3D content for personal
or educational use. This dual approach allows LibXR to tap into various revenue
streams and cater to both small businesses and large enterprises. The founders
also highlighted that their flashcards, which cost around 300 PKR to produce,
could be sold for up to 1,100 PKR, creating a significant profit margin.
Revenue Growth: A Positive Trajectory Despite Challenges
LibXR’s revenue model showed promising potential, with the
company generating 13 lakh PKR in 2024. In the previous year, their revenue
reached 20 lakh PKR, showcasing steady growth. While these figures were still
modest, the founders emphasized the rapid expansion of the 3D content market
and their strategy to compete globally by offering competitive pricing and
robust features. LibXR aimed to tap into the growing demand for immersive
educational tools, with a focus on affordability and accessibility.
The Challenge of Scaling in the Pakistani Market
Despite the promising technology and the deal with Romanna
Dada, LibXR faced significant challenges in scaling their business,
particularly in the Pakistani education sector. The founders acknowledged that
the local market was not yet fully prepared to embrace such innovations in
education. Many schools and educational institutions were still heavily reliant
on traditional teaching methods and were hesitant to invest in new,
technology-driven solutions. This reluctance to adopt new tools made it difficult
for LibXR to gain widespread traction, even though their product had immense
potential.
Sharks’ Feedback: Constructive Criticism and Encouragement
Throughout the pitch, the Sharks provided valuable feedback
that helped the founders refine their approach. They praised the technical
aspects of LibXR’s platform but stressed the importance of differentiating the
business in a competitive market. The Sharks also encouraged the founders to
focus on customer acquisition strategies and better understand the unique needs
of their target market. Romanna Dada’s involvement in the company was expected
to bring strategic guidance, especially in areas like scaling and marketing,
which would be crucial for LibXR’s future growth.
The Deal: Securing Strategic Partnership
In the end, the agreement between LibXR and Romanna Dada
marked a significant step forward for the startup. With Romanna’s investment of
1 crore PKR for 25% equity, LibXR gained not just financial backing but also a
strategic partner who could help the company navigate its challenges. The
partnership provided the founders with the resources and expertise needed to
scale their business and refine their product offerings. This collaboration was
expected to help LibXR expand its reach, not only in the education sector but
also in other industries like real estate, healthcare, and gaming.
Looking Ahead: A Future Built on Innovation
LibXR’s journey on Shark Tank Pakistan was a testament to
the potential of technology in transforming education and other industries.
With the backing of Romanna Dada, the company was poised to refine its product
and expand its offerings to a wider audience. The founders remained committed
to their mission of making learning more interactive and accessible, and with
the right support, they hoped to make a lasting impact on Pakistan’s education
system and beyond. Their success on the show was just the beginning of what
could be a revolutionary change in how we approach education in the digital
age.
A timeline summarizing the journey of LibXR:
Founding Vision (2023) – Fasih Hasmuk embarks on a mission
to revolutionize education in Pakistan by creating LibXR, a platform offering
immersive 3D educational tools like books and flashcards. The goal is to make
learning engaging, interactive, and accessible through augmented reality (AR)
and virtual reality (VR) technologies.
LibXR’s Pitch on Shark Tank Pakistan (2023) – Fasih and his
team pitch LibXR on Shark Tank Pakistan, asking for a 10 million PKR investment
for 10% equity. They highlight the potential for growth in the education sector
and demonstrate the capabilities of their product, which is designed for
businesses and individual users
Sharks’ Reactions and Concerns – The Sharks acknowledge the
innovative nature of LibXR's technology but raise concerns about the
scalability of the business, especially in the Pakistani market, which they
felt might not be ready for advanced AR/VR solutions. They also question
customer acquisition and market competition.
Negotiation: Securing the Deal – After discussions, Romanna
Dada offers 1 crore PKR for 25% equity, higher than the founders’ initial 10%
offer. Although hesitant, the founders agree to the terms, securing the
investment and a strategic partnership.
LibXR’s Business Model – LibXR uses both B2B and B2C models.
It offers subscription-based plans to businesses needing bulk 3D content and
pay-per-use options for individuals. This approach provides multiple revenue
streams and targets both small businesses and large enterprises.
Revenue Growth – LibXR reports steady growth, with 13 lakh
PKR in revenue in 2024, down from 20 lakh PKR in 2023. Despite modest figures,
the founders remain optimistic about the growing demand for immersive
educational tools.
Challenges in Scaling – The founders face significant
challenges in scaling the business, particularly in the local market, where
many educational institutions are slow to adopt new, technology-driven
solutions.
Sharks’ Feedback – The Sharks provide constructive feedback,
urging the founders to differentiate their product and focus on customer
acquisition strategies. Romanna’s involvement is expected to provide the
necessary guidance for scaling and marketing.
The Deal and Future Outlook – The partnership with Romanna
Dada provides LibXR with financial backing and strategic expertise to overcome
challenges. The company aims to refine its product and expand its reach, not
only in education but also in industries like real estate, healthcare, and
gaming. The founders remain committed to their mission of making learning more
interactive and accessible.
