2021: A Banner Year For Pakistani Tech Startup Investments

The year 2021 is turning out to be a banner year for Pakistani tech startups. At the end of the third quarter of the current year, technology startups have already raised $278 million, twice the funding raised in the previous 5 years combined. In per capita terms, this is still just over $1 per person, a lot less compared to neighboring India where startups attracted $20 per person

Venture Capital Investment in Pakistan. Source: Kalsoom Lakhani, i2...

The third quarter (July-Sept 2021) alone has seen startup companies raise $172.6 in 17 deals closed in the three-month period, according to data compiled by Kalsoom Lakhani of i2i ventures. The top deals closed in the third quarter were: 1. Airlift $85 million series B 2. Bazaar $30 million in series A and 3. QisstPay $15 million seed round. 

Source: Kalsoom Lakhani, i2i Ventures

The lion's share of the ,money ($117 million) went to E-commerce startups followed by Fintech ($35 million) and trucking platforms ($13.6 million). Male-founded startups got 46.5% while female-founded companies received 1.7% with the rest of the money going to startups whose founding teams include both male and female founders. 

Venture Funding in Pakistan Lowest Among Most Populous Nations. Sou...


In per capita terms, startup investment in Pakistan is still just over $1 per person, a lot less compared to neighboring India where startups attracted $20 per person. As expected, the startups in the United States dwarfed all other countries in both per capita terms ($808) and in total size ($269 billion) of venture capital investments. 

 
Largest Global Market For Venture Funding. Source: Crunchbase

Pakistan's technology sector is in the midst of an unprecedented boom. It is being fueled by the country's growing human capital and rising investments in technology startups. A recent tweet by Swedish fund manager Mattias Martinsson captured it well when he wrote, "Have followed Pakistan for 15 years. Can't recall any time time when VC activity was anywhere near we've seen in the last few months. Impact of reforms kicking in?".  New laws have made it easier to create startups and offered greater protection to investors.  Digital infrastructure has expanded with over 100 million smartphones and an equal number of broadband subscriptions. 

With expanding Internet infrastructure and rapidly growing user base, Pakistan is now seeing robust growth in venture money pouring into technology startups. Pakistani startups have already attracted more than $278 million in funding in 2021, more funds than all the money raised by Pakistani startups in their entire history. A recent example is Kleiner Perkins, a top Silicon Valley venture capital investment firm, that led a series A round of $17 million investment into Pakistani start-up Tajir. The startup operates an online marketplace for small store merchants in Pakistan. The announcement came via a tweet by Mamoon Hamid, a Pakistani-American Managing Partner at Kleiner Perkins who led the investment. Last year, Tajir raised a $1.8 million seed round.  The company's revenue has increased by 10x since its seed round. 
Pakistan Technology Exports Trend 2007-2021. Source: Arif Habib

Pakistan's technology exports are experiencing rapid growth in double digits over the last decade. Total technology exports jumped 47% to $2.1 billion in fiscal year 2020-21. 
Pakistan University Enrollment Growth. Source: Encyclopedia of High...
The foundation for Pakistan's digital transformation was laid with the higher education reform and telecommunications deregulation and investments starting in the year 2001 on President Musharraf's watch. With a huge increase in higher education funding, Higher Education Commission Chairman Dr. Ata ur Rehman succeeded in establishing 51 new universities during 2002-2008. As a result, university enrollment (which had reached only 275,000  from 1947 to 2003) soared to about 800,000 in 2008. This helped build a significant human capital that drove the IT revolution in Pakistan.      
Please watch the following video presentation for more details on Pakistan's technology startup ecosystem:
http://www.youtube.com/embed/ePApXOM3vkQ"; title="YouTube video player" width="560"></iframe>" height="315" src="https://img1.blogblog.com/img/video_object.png" width="560" style="cursor: move; background-color: #b2b2b2;" /> 
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Comment by Riaz Haq on January 6, 2022 at 10:18am

https://www.brecorder.com/news/40144728


The user-centric policy drivers on which the foundation of the National Broadband Policy–2021 is laid consists of the following four major pillars.

The first pillar will focus on the digitally divided people who are yet to be digitally included and will provide guidelines regarding use of existing fibre resources, facilitating infrastructure sharing, introducing national broadband networks and its role in the development of sustainable broadband infrastructure in public-private partnerships, reviewing the role of USF for sustainable penetration of broadband services in unserved and underserved areas of the country further enhancing the capability for use of already laid infrastructure, further assessing the rolling spectrum strategy and offering interventions for resource optimization as well as roadmap for inclusion of new mobile spectrum bands, facilitating the provisioning of rights of ways, plan for commercial use of data satellite and proposal for smartphone adoption and increased local manufacturing of internet devices/terminals in Pakistan.

The second pillar will help in organising matters related to enhancing the use of internet and for market enablement such as; roadmap for service-based competition, review of licensing framework, outlining the future course of OTT platforms and content management, broadening the role of Ignite as research and innovation enabler, facilitating the cloud infrastructure and internet exchange points, reviewing the quality of service rules for improving user experience, developing and implementing new services and technologies in public-private partnerships, supporting with necessary infrastructure and services for enabling social services in the digital space.

The third pillar will emphasise on the privacy and protection of user consuming internet and will help in creating awareness and propose a framework for securing identity and data online, ease of access for reporting criminal activity online, guidelines for constituting CERTs, standardising and implementing user privacy, propose common operating environment and standards for internet security, environment protection support, framework for standardising new technologies and services.

The 4th and final pillar of the policy would help user by providing a transformational roadmap for legacy services and technologies, review the role of different public sector organisations responsible for facilitating different telecommunication services, plan for adopting open source technologies and platforms, broadly identify future technologies and make provisions for early adoption, propose broad strategy for the adoption of internet of everything, and last but not the least provide guideline for international cooperation in ICTs.

Comment by Riaz Haq on January 22, 2022 at 7:09pm

Silent revolution in education
By Atta-ur-RahmanDecember 29, 2021

https://www.thenews.com.pk/print/920623-silent-revolution-in-education

As a result of numerous projects undertaken by the technology-driven Knowledge Economy Task Force set up by Prime Minister Imran Khan in early 2019 under his chairmanship, the landscape of higher education, science and technology are presently undergoing a major positive change.


There has been a huge 600 percent enhancement in the development budget of the Ministry of Science and Technology over the last three years and projects of over Rs100 billion have either been approved or are in the final phase of approval. I happen to be the vice-chairman of this task force and the members include the federal ministers of finance, planning, education, science & technology, and IT/Telecom.

The fact that the prime minister himself oversees the working of this critically important task force and personally intervenes if matters are blocked by the bureaucracy gives it the political clout needed to forge ahead quickly in our plans to change the strategic directions of Pakistan from a weak natural resource based economy to a powerful knowledge economy. It is only by doing so that we can unleash the creative talent of our real wealth, our youth, through investments in education, science, technology and innovation/entrepreneurship.

It was under the Musharraf regime that the nation witnessed the first major thrust forward in science and technology, when I succeeded in convincing Gen Musharraf that the future of this great nation lay in investments in higher education, science & technology, thereby paving the way for developing a strong knowledge economy. The result was a 6000 percent increase in the development budget for science when I was the federal minister of Science, IT/Telecom. Later, when I became the founding chairman of the Higher Education Commission, a similar budgetary enhancement was witnessed in the budget of the higher education sector.

The programmes launched during the first decade were largely focused on strengthening the scientific manpower of the country, strengthening social sciences and linking universities with industry. There was a complete transformation of the IT sector with thousands of the brightest young men and women being trained at PhD level in leading universities abroad, and over a hundred computer science departments being strengthened with faculty and facilities. The first IT policy and implementation strategy was approved under my leadership in August 2000 which laid the foundations of the development of this important sector.

There was razor-sharp focus on the quality of education in universities rather than numbers during that period with the top priority being given to high quality faculty development. About 11,000 students were sent abroad to leading universities in the US and Europe for PhD level training. To ensure their return, salaries of professors were increased under a new contractual salary structure so that they became four times the salaries of federal ministers. However, to ensure top quality, there were six international evaluations by foreign experts introduced to judge the quality and productivity of the research output of the persons appointed. Each student abroad was offered the opportunity to win research grants of up to $100,000 for which they could apply a year before their return.

The state of university libraries was pathetic before the formation of the HEC. A digital library was therefore created that provided free access to 65,000 textbooks and 25,000 international journals. The Pakistan Educational Research Network was established, connecting all universities with high speed internet access. All students returning after PhD degrees from abroad were guaranteed jobs in universities. These and a host of other measures resulted in an astonishing 97.5 percent return rate of scholars sent abroad.

Comment by Riaz Haq on January 22, 2022 at 7:10pm

Silent revolution in education
By Atta-ur-RahmanDecember 29, 2021

https://www.thenews.com.pk/print/920623-silent-revolution-in-education

The state of university libraries was pathetic before the formation of the HEC. A digital library was therefore created that provided free access to 65,000 textbooks and 25,000 international journals. The Pakistan Educational Research Network was established, connecting all universities with high speed internet access. All students returning after PhD degrees from abroad were guaranteed jobs in universities. These and a host of other measures resulted in an astonishing 97.5 percent return rate of scholars sent abroad.

To boost the IT sector, I persuaded the CEO of Intel to join hands with Pakistan, with the result that some 220,000 school teachers were trained with funding from Intel in 70 districts of the country. To boost mobile telecommunications the ‘Calling Party Pays regime was introduced. Previously subscribers had to pay for receiving calls. The result was an explosive growth in the mobile phones sector from 200,000 phones in the year 2000, now to about 180 million phones. The internet was also rapidly spread across Pakistan and our first Satellite PakSat 1 placed in space, thereby securing the only slot available in space for this country.

The amazing progress made in a short period was applauded by the UN and other experts and Pakistan was considered a model for developing countries to follow. In an article, ‘Another BRIC in the Wall’, the world’s leading ranking agency Thomson Reuters applauded the quality of research publications that were being published in international journals as compared to the four BRIC countries – Brazil, Russia, India and China – and concluded that the highest percentage of good quality highly cited papers was from Pakistan as compared to the BRIC countries. Some pseudo experts have tried to downplay these developments by publicising that some 258 papers have been retracted over the last 20 years. However about 20,000 papers are published annually from Pakistan in international journals and retraction of a small fraction of 0.1-0.3 percent of these is normal and comparable to the retraction rate from other developing countries such as India.

A number of excellent foreign engineering universities are now being established in Pakistan through our efforts. The Pakistan Austrian University of Applied Science and Engineering started functioning last year in Haripur in collaboration with eight foreign universities from Austria and China. Two other similar foreign engineering universities are now being established in Sialkot and Islamabad in close collaboration with local industry to help develop a strong knowledge economy. The focus of these new universities is on the new and emerging technologies such as AI, robotics, industrial biotechnology, new materials, energy storage systems, minerals development, bullet train manufacture and advanced agriculture.

The exciting initiatives now introduced by the HEC after three years of stagnation include the magnification of research programmes to support bright young faculty, a huge Rs13 billion knowledge economy task force project to send our brightest students for doctoral level training abroad, introduction of blended education in universities so that excellent online courses are integrated into the teaching programmes and encouraging university-industry linkages so that focus can shift from basic research to industrial and agricultural research.

Thanks to Prime Minister Imran Khan, a silent revolution is underway. The declaration of a National Education Emergency is now under active consideration so that Pakistan can tap into its real wealth – the 67 percent of its young population below the age of 30.

The writer is chairman PM National Task Force on Science and Technology, former minister, and former founding chairman of the HEC.

Comment by Riaz Haq on January 30, 2022 at 12:08pm

#Startups bringing #Pakistan's #farming into #digital age. Since October, #farmers in Chak 26 and pilot projects elsewhere have been given free access to the internet—and it is revolutionizing the way they work. #agriculture #technology
https://phys.org/news/2022-01-ups-pakistan-farming-digital-age.html via @physorg_com

Agriculture entrepreneurs are bringing the digital age to Pakistan's farmers, helping them plan crops better and distribute their produce when the time is right.
Until recently, "the most modern machine we had was the tractor", Aamer Hayat Bhandara, a farmer and local councillor behind one such project told AFP in "Chak 26", a village in the agricultural heartland of Punjab province.

Even making mobile phone calls can be difficult in many parts of Pakistan, but since October, farmers in Chak 26 and pilot projects elsewhere have been given free access to the internet—and it is revolutionising the way they work.

Agriculture is the mainstay of Pakistan's economy, accounting for nearly 20 percent of gross domestic product and around 40 percent of the workforce.

It is estimated to be the world's fifth-largest producer of sugarcane, seventh-largest of wheat and tenth-biggest rice grower—but it mostly relies on human labour and lags other big farming nations on mechanisation.

Cows and donkeys rest near a muddy road leading to a pavilion in Chak 26, which is connected to a network via a small satellite dish.

This is the "Digital Dera"—or meeting place—and six local farmers have come to see the computers and tablets that provide accurate weather forecasts, as well as the latest market prices and farming tips.

"I've never seen a tablet before," said Munir Ahmed, 45, who grows maize, potatoes and wheat.

"Before, we relied on the experience of our ancestors or our own, but it wasn't very accurate," added Amjad Nasir, another farmer, who hopes the project "will bring more prosperity".

Apps and apples

Communal internet access is not Bhandara's only innovation.

A short drive away, on the wall of a shed, a modern electronic switch system is linked to an old water pump.

A tablet is now all he needs to control the irrigation on part of the 100 hectares (250 acres) he cultivates—although it is still subject to the vagaries of Pakistan's intermittent power supply.

This year, Bhandara hopes, others will install the technology he says will reduce water consumption and labour.

"Digitising agriculture... and the rural population is the only way to prosper," he told AFP.

At the other end of the supply chain, around 150 kilometres (90 miles) away in Lahore, dozens of men load fruit and vegetables onto delivery bikes at a warehouse belonging to the start-up Tazah, which acts as an intermediary between farmers and traders.

After just four months in operation, the company delivers about 100 tonnes of produce every day to merchants in Lahore and Karachi who place orders via a mobile app.

"Before, the merchant had to get up at 5 am or 5:30 am to buy the products in bulk, at the day's price, and then hassle with transporting them," said Inam Ulhaq, regional manager.

"Tazah brings some order to the madness."

In the Tazah office, several employees manage the orders, but for the time being, purchases are still made by phone, as the part of the application intended for farmers is still in development.

The young company is also tackling a "centuries-old" system that stakeholders are reluctant to change, explains co-founder Abrar Bajwa.

Record investment

Fruit and vegetables often rot during their journey along poorly organised supply chains, says partner Mohsin Zaka, but apps like Tazah make the whole system more efficient.

Comment by Riaz Haq on January 30, 2022 at 12:08pm

#Startups bringing #Pakistan's #farming into #digital age. Since October, #farmers in Chak 26 and pilot projects elsewhere have been given free access to the internet—and it is revolutionizing the way they work. #agriculture #technology
https://phys.org/news/2022-01-ups-pakistan-farming-digital-age.html via @physorg_com

Agriculture entrepreneurs are bringing the digital age to Pakistan's farmers, helping them plan crops better and distribute their produce when the time is right.
Until recently, "the most modern machine we had was the tractor", Aamer Hayat Bhandara, a farmer and local councillor behind one such project told AFP in "Chak 26", a village in the agricultural heartland of Punjab province.

Even making mobile phone calls can be difficult in many parts of Pakistan, but since October, farmers in Chak 26 and pilot projects elsewhere have been given free access to the internet—and it is revolutionising the way they work.

Agriculture is the mainstay of Pakistan's economy, accounting for nearly 20 percent of gross domestic product and around 40 percent of the workforce.

It is estimated to be the world's fifth-largest producer of sugarcane, seventh-largest of wheat and tenth-biggest rice grower—but it mostly relies on human labour and lags other big farming nations on mechanisation.

Cows and donkeys rest near a muddy road leading to a pavilion in Chak 26, which is connected to a network via a small satellite dish.

This is the "Digital Dera"—or meeting place—and six local farmers have come to see the computers and tablets that provide accurate weather forecasts, as well as the latest market prices and farming tips.

"I've never seen a tablet before," said Munir Ahmed, 45, who grows maize, potatoes and wheat.

"Before, we relied on the experience of our ancestors or our own, but it wasn't very accurate," added Amjad Nasir, another farmer, who hopes the project "will bring more prosperity".

Apps and apples

Communal internet access is not Bhandara's only innovation.

A short drive away, on the wall of a shed, a modern electronic switch system is linked to an old water pump.

A tablet is now all he needs to control the irrigation on part of the 100 hectares (250 acres) he cultivates—although it is still subject to the vagaries of Pakistan's intermittent power supply.

This year, Bhandara hopes, others will install the technology he says will reduce water consumption and labour.

"Digitising agriculture... and the rural population is the only way to prosper," he told AFP.

At the other end of the supply chain, around 150 kilometres (90 miles) away in Lahore, dozens of men load fruit and vegetables onto delivery bikes at a warehouse belonging to the start-up Tazah, which acts as an intermediary between farmers and traders.

After just four months in operation, the company delivers about 100 tonnes of produce every day to merchants in Lahore and Karachi who place orders via a mobile app.

"Before, the merchant had to get up at 5 am or 5:30 am to buy the products in bulk, at the day's price, and then hassle with transporting them," said Inam Ulhaq, regional manager.

"Tazah brings some order to the madness."

In the Tazah office, several employees manage the orders, but for the time being, purchases are still made by phone, as the part of the application intended for farmers is still in development.

The young company is also tackling a "centuries-old" system that stakeholders are reluctant to change, explains co-founder Abrar Bajwa.

Record investment

Fruit and vegetables often rot during their journey along poorly organised supply chains, says partner Mohsin Zaka, but apps like Tazah make the whole system more efficient.

Comment by Riaz Haq on January 30, 2022 at 12:38pm

Great potential for Pakistan’s IT upgrade
Various incentives given to sector including tech parks, tax breaks

https://tribune.com.pk/story/2340938/great-potential-for-pakistans-...

Pakistan is experiencing a silent revolution in the IT industry.

Various incentives are being granted to the sector including the establishment of 15 software technology parks, zero income tax on IT and IT-enabled services export, zero income tax on Pakistan Software Export Board-registered IT startups and tax holidays for venture capital firms till 2024.

IT startups also remain on the radar of global investors and their exports continue to surge.

“The primary reason is that the requirement of ICT services in the global market has grown exponentially due to the pandemic and our rival countries were impacted due to Covid-19, so we got the overflow,” said Infotech Chairman Naseer Akhtar.

Tkxel Innovation and Technology Director Haseeb Khan believes that customers are attracted to Pakistani enterprises because of their service quality.

“For example, if you talk about web application development, we have expertise in .Net, Java, Python, Ruby on Rails and others,” he said. “Besides this, our organisation is a CMMI level-3 certified company, and we rank among top 1-2% of the global software companies in various authentic platforms.”

Facing the opportunities and challenges of the international market, Pakistan keeps finding ways to improve the capacity and seize the chance.

“Some services are advanced like artificial intelligence, blockchain, machine learning and internet of things and they are on top of the pyramid,” said Pakistan Software Houses Association Central Executive Committee member Badar Khushnood.

He believed that the upgrade of IT services was a must for Pakistan.

“We have every kind of service but most of them are at the bottom of the pyramid hence we need to bring ourselves higher to gain more export potential.”

Blockchain

According to interviews with senior executives of IT companies in Pakistan, one advanced technology that they mentioned the most was blockchain.

To talk about how Pakistan got started in this area, CEN consulted Jian Peng, Pakistan’s Honorary Investment Counsellor in China.

“The front-end research and development of blockchain technology requires huge costs, which would be too big an investment for one or several IT companies,” Jian said. “I suggest applying blockchain technology in public services as a start.”

The counsellor said that it could be applied in the fields of public medical care and public education as well. In this way, a large part of the initial investment risk could be reduced and it could also quickly bring economic benefits.

Jian said that blockchain technology has been slowly introduced in government service, medical care, education and other fields in China. THE ARTICLE ORIGINALLY APPEARED ON THE CHINA ECONOMIC NET

Comment by Riaz Haq on January 31, 2022 at 4:59pm

Pakistani start-up wins first place across South Asia in maiden Stanford SEED Spark Program


https://southasia.stanford.edu/news/pakistani-start-wins-first-plac...



January 21, 2022
By
Usman Aslam, TechJuice
National Incubation Center (NIC) Lahore at LUMS nominated start-up Codeschool.pk has won top laurels and a cash prize in the capstone business pitch competition in the Stanford Seed Spark Program for high-achieving entrepreneurs across South Asia. This was the inaugural cohort from Pakistan and was introduced by NIC LUMS.

“Our partnership with Stanford SEED Spark reflects our confidence in Pakistani entrepreneurs and their ability to compete with the very best talent globally,” said Saleem Ahmad, Chairman NIC LUMS Lahore, and Quetta at the graduation ceremony of Stanford SEED Spark’s inaugural cohort in Pakistan. “Our conviction is reinforced by the fact that all of NIC LUMS mentored start-ups made the top 20 finalists and have brought home much pride in also winning the top position across South Asia.”

83 ventures participated in the program, from across 17 collaborating institutions such as IIT Bombay, TiE Chennai and CII-Young Indians. The competition selected only the top 20 graduates as finalists. After a rigorous scoring process, the top three start-ups were selected to win a cash prize as well as a virtual showcase feature in the global Stanford SEED Spark gallery.

“Our collaboration with NIC LUMS for Spark’s maiden cohort in the Pakistan start-up ecosystem has been a great experience,” said P. R. Ganapathy, Regional Director, Stanford Seed South Asia. “We are thrilled to see the energy and enthusiasm that NIC LUMS nominated entrepreneurs brought to the program. We are looking forward to meeting more innovators and problem solvers from Pakistan to apply and make best use of a word-class online entrepreneurship program at their own pace and time.”

Speaking about her journey with the program, co-founder Sadaf Rehman commented,

“The Stanford SEED Spark Program was instrumental in helping us articulate our vision. The frameworks, expert sessions, as well as the one-on-one mentorship provided just the right mix to propel us beyond what we could have achieved on our own. I am deeply grateful to NIC LUMS for introducing this program to Pakistan, and for the networking opportunities and support that they have provided along our journey.”

Her venture, Codeschool.pk, provides fun, interactive coding classes to children aged six years and up, with the aim to promote critical 21st-century skills like problem-solving, creativity, and resilience. Within the first year of operations, the startup is reaching over 450 students in ten countries. She was mentored by LUMS alumnus Adeel Saya, Program Manager, Google in Zurich.

Another NIC LUMS-backed entrepreneur, Malik Waleed Tariq, founder of XStak, also made the top 20 finalist list. His venture is an all-in-one, self-service Retail Operating System that enables retailers to perform omnichannel commerce, marketing, payments, and business intelligence operations on a transaction-based pricing model. He was mentored by another LUMS alumnus, Ali Almakky, Strategy and Operations, JPMorgan, London.

Haris Anwaar, AWS Finance, Amazon, (Seattle) also joined the NIC mentors list with a start-up in the top 20 finalists.

The Stanford SEED Spark Program is a four-month training for early-stage entrepreneurs in the traction or growth stage and seeks to empower them with practical tools to refine and develop their businesses through an action-based curriculum, networking opportunities with peers, one-on-one mentorship, and live expert sessions. NIC LUMS brought the Stanford SEED Spark program to Pakistan and will be expanding it nationwide, with the second cohort due to begin in March 2022.

Comment by Riaz Haq on February 3, 2022 at 5:43pm

#Karachi-based #logistics #startup "Truck It In" gets $13 million round led by Global Founders Capital & Fatima Gobi Ventures. Others: Picus Capital, Millville, Wamda, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures, K3 Ventures https://www.bloomberg.com/news/articles/2022-02-04/truck-it-in-rais...

Pakistan’s Truck It In has raised $13 million in early-stage funding, the largest for a logistics startup in the Middle East, North Africa and its home country.

The Karachi-based startup’s seed round is jointly led by venture capital firms Global Founders Capital and Fatima Gobi Ventures. The other investors in the round include Picus Capital, Millville, Wamda, Zayn Capital, i2i Ventures, ADB Ventures, Cianna Capital, Reflect Ventures and K3 Ventures


--------------

From Dawn in September 2021:

https://www.dawn.com/news/1645040

Karachi-based startup Truck It In, a road freight tech platform, announced on Tuesday that it has raised another $3 million in an extended pre-seed round, taking the total amount to $4.5m which it will use to digitise Pakistan's logistics sector.

In a press release, the startup said it was the "largest pre-seed round in the regional trucking sector".

The funding will be used to expand Truck It In countrywide and make it the largest trucking platform in Pakistan, the press release stated.

The company's co-founder and chief executive officer (CEO), Mohammad Sarmad Farooq, said: "We're at the very early stages of transforming a critical industry and aim to help over three million businesses save $1bn annually in supply chain inefficiencies."

He added that the company's long-term aim was to "streamline and digitise the country's logistics sector to create a ripple effect on the economy".

The extended round was led by Global Founders Capital, a global seed and growth investor, along with Fatima Gobi Ventures, one of the most active multi-national venture capital firms in Asia. They had also led the earlier round, according to the press release.

In addition, Picus Capital, an early-stage technology investment firm, and Zayn Capital also joined the round this time.

"Truck It In has partnered with strategic investors that are helping it tap into their local supply chains and also leveraging their regional connections for the next growth phase," the startup said in its press release.

Truck It In, which started operations in 2020, had announced a pre-seed funding round of $1.5m in April.

"This opportunity represents 10 per cent of the GDP in Pakistan and the company aims to be the nexus of road freight in the country, helping businesses scale while improving the lives of its truckers," it had said at the time.

"We are going to solve the supply chain inefficiencies in a $25bn market, which is growing faster than its regional peers, to help unlock more than $1bn for Pakistani businesses," it had added in its announcement.

Comment by Riaz Haq on February 12, 2022 at 7:31am

#Pakistan #Telecommunication : #PTCL Posts Highest Revenue Growth Since 2013.PTCL is the fastest growing #Fiber-To-The-Home (#FTTH) operator with highest Net adds within FTTH market in 2021. #broadband #Internet https://www.marketscreener.com/quote/stock/PAKISTAN-TELECOMMUNICATI...

The country's leading telecom and ICT services provider, Pakistan Telecommunication Company Limited (PTCL), posted 7% growth in its revenues, owing to a robust commercial strategy that cements its market standing.

The company has announced its annual financial results for the year 2021 at its Board of Directors' meeting on February 10, 2022.

PTCL Group

PTCL Group posted a revenue of Rs 138 billion in the year 2021 which is 6.3% higher as compared to 2020.
PTCL continued its growth trajectory by posting 7% YoY revenue growth which is the highest since 2013.
PTML (Ufone) also posted a revenue growth of 4.3% despite stiff competition in the market.
U Bank continued its growth momentum and has achieved 8.4% growth in revenue.
PTCL Group has posted a net profit of Rs 2.6 billion.
PTCL

PTCL continued its strong performance throughout 2021. PTCL's revenue of Rs 77 billion for the year 2021 is 7% higher than 2020, mainly driven by Broadband and Corporate & Wholesale business segments.
PTCL registered highest Fixed broadband Sales and Net Adds in 2021 since 2015, which allowed PTCL to grow in the broadband business segment.
PTCL is the fastest growing Fiber-To-The-Home (FTTH) operator with highest Net adds within FTTH market in 2021.
The company has posted operating profit of Rs 4.2 billion, which is higher by 21% compared to 2020.
Net profit of Rs 6.9 billion is higher by 14% as compared to last year.
The company is continuously upgrading its existing infrastructure and network, besides expanding FTTH across the country to offer seamless connectivity for greater customer experience. Prompt deployment of FTTH and strong performance in Corporate and Wholesale segments are the cornerstone in PTCL's topline growth, which along with focus on cost optimization program, has significantly increased the company's profitability.

PTCL Consumer Business:

During 2021, the company's Fixed Broadband business grew by 11.7% YoY, whereas PTCL IPTV segment also grew by 13% YoY. Within broadband business, PTCL Flash Fiber, the company's groundbreaking FTTH service, showed a tremendous growth of 61.5%, whereas PTCL CharJi /Wireless Broadband Segment grew by 16.5%. Voice revenue stream has declined on account of lower voice traffic and continued conversion of customers to Over-The-Top (OTT) services.

Business Services:

Business services segment continued its momentum sustaining market leadership in IP Bandwidth, Cloud, Data Center, and other ICT services segments. PTCL's Enterprise business grew by 10% as compared to last year, while Carrier and Wholesale business continued its growth momentum and achieved 9% overall revenue growth. Similarly, international business growth was recorded at 4%.

Being the national telecom carrier and connectivity backbone in Pakistan, PTCL Group strives to provide innovative solutions to accelerate growth for a 'Digital Pakistan' through robust telecommunication infrastructure and a diverse portfolio of services with enhanced customer experience.

Comment by Riaz Haq on February 23, 2022 at 9:52am

#Pakistan #IT incentives: IT/ITES firms & #freelancers to pay no tax, keep earnings in Pak banks in #US$. No restriction on outward #remittances from #PSEB-registered IT Companies & freelancers. No capital gain tax for #startup #investors. #tech #exports https://www.brecorder.com/news/40156290

Pakistan Prime Minister Imran Khan approved on Tuesday a number of incentives, including tax exemptions, to facilitate the IT sector, freelancers and startups, a statement from the ministry said, as the country looks towards the digital economy to boost its dollar inflow.

The Ministry of Information Technology and Telecommunication (MoITT) added that the tax exemption benefit was the biggest demand of the sector.

"The other fiscal and non-fiscal incentives for the industry were proposed by the MoITT," it said.


https://twitter.com/MoitOfficial/status/1496148406380769285?s=20&am...

"Long-outstanding issue of IT companies regarding easy inflow/outflow of foreign currency has also been addressed as specialised foreign currency accounts (FCY) for IT/ITES companies and freelancers will be introduced to meet their operational needs."

The approval was made in a meeting chaired by Prime Minister Imran Khan on Tuesday. Officials of MoITT, Pakistan Software Export Board (PSEB), State Bank of Pakistan (SBP), Federal Board of Revenue (FBR), Special Technology Zone Authority and Ignite National Technology Fund were also present in the meeting.

Faulty submarine cable causes internet disruption in Pakistan

According to the MoITT statement, the PM has directed to allow IT/ITES Companies and freelancers to retain 100% amount of remittances received through proper banking channels, in FCY Accounts without any compulsion to convert them into PKR.

Furthermore, there will be no restriction of outward remittances from FCY account for PSEB-registered IT Companies and freelancers.

PM Imran bets on IT sector to generate employment, dollar inflow

The prime minister has also directed the SBP to introduce financing streams for IT/ITES sector and freelancers keeping in view operational architecture and industry needs for these sectors.

"Recommendations of the Pakistan Technology Startup Fund was also approved by the Prime Minister as part of this historic package for the creation of a public-private partnership venture capital fund. Ignite National Technology Fund will create this Fund through Public private partnership."

Earlier, Business Recorder reported that the MoITT has prepared a package of fiscal and non-fiscal incentives for freelancers including the proposal of reduced sales tax rate, not exceeding two percent, as well as income tax holiday on exports income/ revenue/ receipts till 2030 and fast-track and simplified opening of foreign currency bank accounts to create a favourable business environment.

As per the report, the MoITT wanted to re-align the government strategies to attract a reasonable chunk from global spending on outsourcing and freelancing services in Pakistan, which, according to the ministry, will help create thousands of new jobs for freelancers in different sectors in line with the current government policy of creating high-end and well-paying white-collar jobs for youth employed in the digital economy.

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