Comment by Riaz Haq on March 7, 2023 at 11:13am

Pakistani fintech startup Trukkr raises $6.4 mln, gets lending licence | Reuters

https://www.reuters.com/markets/asia/pakistani-fintech-startup-truk...

KARACHI, Pakistan, March 7 (Reuters) - Trukkr, a fintech platform for Pakistan’s trucking industry, said on Tuesday it had raised $6.4 million in a funding round and also received a non-banking financial company (NBFC) licence.

Trukkr offers Pakistan’s small- and medium-sized trucking companies a transport management system and supply chain solutions, and is unique in providing fintech to digitise the largely unbanked and undocumented industry.


The seed funding round was led by U.S. based Accion Venture Lab and London based Sturgeon Capital. Haitou Global, Al Zayani Venture Capital and investor Peter Findley also participated in the round, Trukkr said in a statement.

The company's business model is similar to Kargo in Indonesia, Solvento in Mexico and Kobo 360 in Africa, but has been adapted to the market in Pakistan.

Trukkr said less than 5% of trucking companies using its platform have access to financial services, often having to wait up to 90 days for payments and leaving them unable to cover expenses such as fuel, tolls and truck maintenance.

Sheryar Bawany, Trukkr CEO and co-founder, told Reuters that it was looking to launch financial products at a "reasonable risk adjusted spread" to the benchmark Karachi Interbank Offered Rate (KIBOR).

Co-founder Mishal Adamjee said there are some 20,000 drivers on Trukkr's platform, servicing 100 of the biggest companies in the country including Shan Foods, Artistic Milliners, International Industries Limited and Lucky Cement.

Adamjee told Reuters that Pakistan's $35 billion a year trucking industry is growing at 10% annually despite limited rail and water freight infrastructure.

Investor Accion Venture Lab said the Covid pandemic had shown how much the world relied on global supply chains.

"We want to bet on a company striving to tackle inefficiencies in a market filled with opportunities," it said in the statement.

According to Pakistan’s Board of Investment, projected demand for freight transport will double by 2025 and increase six-fold by 2050 to 600 billion freight tonnes-kilometre, particularly as the China Pakistan Economic Corridor kicks in.

Other freight marketplace startups in Pakistan include Truck It In, BridgeLinx and Freightix.

Comment by Riaz Haq on March 12, 2023 at 10:43am

SVB collapse: Indian startups should resist pressure from large investors to domicile outside, says Mohandas Pai

https://www.businesstoday.in/silicon-valley-bank/story/svb-collapse...

He advised founders of India-centric startups "to be careful" and "not get carried away" by investors who force companies they fund, to domicile in the US and open bank accounts there as well, according to a PTI report.

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Union IT minister to meet Indian startups amid concerns over ..

Read more at:
http://timesofindia.indiatimes.com/articleshow/98586043.cms?utm_sou...

On Friday, US regulators pulled the plug on SVB - a key lender to US startups since the 1980s - after a run on deposits made it no longer tenable for the medium-sized bank to stay afloat on its own.
SVB has exposure to over 20 startups in India and began investing here in 2003.
According to startup research advisory Tracxn, SVB has invested in several Indian firms, including Paytm, Carwale, Bluestone, Shaadi and Sarva. In October last year, SVB had invested $150 million in contract intelligence company Icertis.
Following the collapse, startup founders and investors in Mumbai exchanged rumors about which fledgling company might be the first to fall, Bloomberg reported.
India has one of the world's biggest startup markets, with many clocking multi-billion-dollar valuations in recent years and getting the backing of foreign investors who have made bold bets on digital and other tech businesses.
SVB's failure, the biggest in the US since the 2008 financial crisis, has roiled global markets, hit banking stocks and is now unsettling Indian entrepreneurs.
Two partners at an Indian venture capital fund and one lender to Indian start-ups told Reuters that they are running checks with portfolio companies on any SVB exposure and if so, whether it is a significant part of their total bank balance.
An Indian founder told Bloomberg News he failed to retrieve company funds and is now left only with working capital. Another was scurrying to stop and reroute customer payments into his company’s SVB account, while also setting up new arrangements for salary payments. Three founders and a startup investor said they hadn’t slept in 48 hours.

Comment by Riaz Haq on March 16, 2023 at 8:15am

Internet Startup Maqsad Scores Pakistan’s Biggest Edtech Round

https://finance.yahoo.com/news/internet-startup-maqsad-scores-pakis...

European seed investor Speedinvest leads round by Karachi firm

Company bets on rising demand for after-school tutoring


Pakistan’s Maqsad raised the nation’s largest funding round by an education technology provider, showing that some startups in the nascent market are attracting investors despite a global venture financing slump.
The Karachi-based company raised $2.8 million in an oversubscribed seed round led by Speedinvest GmbH, one of Europe’s largest seed investors, and existing backer Indus Valley Capital, according to co-founder Rooshan Aziz. Stellar Capital, Alter Global and angel investors also participated.

Pakistan’s venture funding was little changed at about $350 million last year, but startups including AdalFi and Truckrr have raised sizable rounds for the market this year. The nation has the world’s fifth-largest population with a high proportion of young people.

“The ecosystem is going through a bit of a shake, but the companies which you know are solving fundamental basic problems, they’ll survive,” Aziz said in an interview. Maqsad’s operations are relatively lean and scalable and its education content always remains relevant, Aziz said.

Education spending in Pakistan is estimated at $37 billion by 2032 with a quarter of this going to after-school academic support, the target market for Maqsad, according to the startup. The mobile-only service targets students on grades nine to twelve and offers cheaper rates than brick-and-mortar tutoring companies. Its services include a feature that allows students to take a photo of a question and receive an answer instantly.

The app has been downloaded more than a million times and it has answered 4 million queries in the past 6 months. The startup can impact millions of students and become one of the most successful businesses in Pakistan, said Philip Specht, a partner at Speedinvest, which has one edtech unicorn in its portfolio.

The startup was founded by high-school friends Taha Ahmed and Aziz, who went to the London School of Economics and worked in the city before returning to Karachi to start the venture. The startup will start monetization in the coming months and may partner with other public and private institutions, Aziz said.

“This is an interesting time for edtech because globally the hype has kind of settled down after Covid,” said Ahmed. “So only serious companies are being funded in this space.”

Comment by Riaz Haq on March 16, 2023 at 10:39am

Tech Destination Pakistan: Showcasing IT Prowess at LEAP 2023 in Saudi Arabia

https://propakistani.pk/2023/02/21/tech-destination-pakistan-showca...

Despite the prevailing economic crunch and challenges put forward by the uncertain situation, Pakistan’s IT sector made waves with its notable presence at LEAP 23 in Riyadh under the banner of ‘TechDestination Pakistan’.

This was very encouraging from an economic and business opportunities standpoint. PSEB’s renewed approach to branding Pakistan as a lucrative tech destination and enhancing its international presence has been exemplary.

With success at LEAP, Pakistan has proven that it is ready to take on the world and is open for business.

LEAP is an unparalleled tech event that brings together the brightest minds in the industry from across the globe, providing a dynamic platform for tech innovators, industry leaders, and top experts to collaborate, explore new innovations, establish valuable partnerships, and engage with influential mentors and investors.

The convention generated over $9 billion in business and was attended by over 172,000 individuals, including global tech leaders, IT professionals, speakers, tech gurus, and investors, making it the fastest-growing tech event in the world.

The Pakistan Pavilion, organized by the Trade Development Authority of Pakistan (TDAP) and the Pakistan Software Export Board (PSEB), featured 18 top IT/ITeS companies from various verticals

These included 10 start-ups showcasing cutting-edge solutions in areas such as AI, IoT, blockchain & crypto, robotics, 3D printing, space and satellites, biotech, quantum, fintech, 5G, open source, unmanned systems, and data services.

The pavilion was launched by His Excellency Ambassador Ameer Khurram Rathore, and six MoUs were signed between Pakistani IT companies and international companies.

Pakistani startup, SnapRetail, made it to the final round of the Rocket Fuel Startup Pitch competition, demonstrating the true potential and innovation capabilities of Pakistan’s IT industry.

PSEB’s Managing Director, Mr. Junaid Imam, encouraged Pakistani IT companies to participate in future LEAP events, leveraging it as a platform for networking and showcasing their presence in the IT sector.

Additionally, PSEB Director Business Development and Partnerships, Mr. Shahbaz Hameed, shared the organization’s ambitious vision of positioning Pakistan as a leading tech destination and striving to enhance Pakistan’s brand image internationally.

PSEB provided great assistance to the IT industry at LEAP, including organizing B2B sessions with prominent Saudi Companies to promote business expansion and foster new partnerships.

The success of LEAP Riyadh has created a ripple effect of businesses and investments for Pakistani IT companies, and they look forward to their participation in the upcoming editions.

PASHA, the independent IT association, assisted PSEB in yielding maximum mileage from the LEAP exhibition.

Pakistan sees this as a perfectly timed opportunity to showcase its IT/ITeS companies on an international trade platform and expand business in the Middle East market, especially in Saudi Arabia, which is undergoing transformation by implementing its Vision 2030.


Saudi Arabia’s economy is the largest in the Middle East and among the top twenty economies in the world, with a significant share of the tech industry.

Despite facing challenges, Pakistan has managed to make a mark in the tech industry with its participation in this mega event.

Comment by Riaz Haq on March 17, 2023 at 2:54pm

#WorldBank Group's #IFC mulls $10 million investment in Fatima Gobi Ventures in #Pakistan. #VentureCapital #startups #technology https://www.dealstreetasia.com/stories/ifc-investment-in-fatima-gob...

Comment by Riaz Haq on March 22, 2023 at 8:04am

US investment coming to Pakistan more and more every year, says US Ambassador Blome

https://www.dawn.com/news/1743320

US Ambas­sador Donald Blome has said that the US is Pakistan’s largest export market, and the US investment is seen coming to Pakistan more and more every year.

He was speaking at the US-Pakistan Innovation Expo in Islamabad that showcased the success stories of US government-sponsored Pakistani startups.

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Senior Adviser for the Asia Foundation Pakistan Haris Qayyum expressed appreciation for the ongoing collaboration with the US embassy and National Incubation Centre to highlight success of Pakistani startups.

He said the US-Pakistan Innovation Expo was an endorsement of Pakistan’s dynamic tech entrepreneurs. It exemplifies Pakistan-US bilateral trade, foreign direct investment and technological innovation.

“The Asia Foundation is committed to collaborative efforts supporting Pakistan’s tech ecosystem, as we continue. The Asia Foundation is honoured to partner on initiatives that value entrepreneurship and innovation. It is our goal to support Pakistan’s sustainable development and inclusive growth,” he said.

The expo featured a speaker session for venture capitalists and angel investors led by an American expert. Business leaders and investors from Pakistan, the Middle East and the United States attended the event and discussed opportunities and challenges in the Pakistani startup ecosystem.

Project Director at the National Incubation Centre Parvez Abbasi said he was thrilled to see the US-Pakistan Innovation Expo come to fruition.

He said the event was a demonstration of the power of collaboration between the two nations and the endless possibilities “that arise when we combine our talents and resources”.

The delegates at the expo showed great enthusiasm for the event and expressed confidence that it would encourage further investment opportunities and potential trade partnerships between the US and Pakistan.

Comment by Riaz Haq on May 2, 2023 at 7:24am

Daftarkhwan partners with PAF to launch Daftarkhwan Alpha in Islamabad, Pakistan

https://pakobserver.net/daftarkhwan-partners-with-paf-to-launch-daf...

Daftarkhwan is launching its newest coworking space- Alpha, in the National Aerospace Science and Technology Park (NASTP), in partnership with Aviation City Pakistan, a project spearheaded by the Pakistan Air Force.

Alpha opened its doors this December, 2022- Situated in the Old Islamabad International Airport, Alpha provides a unique chance for enterprising tech companies to engage with the innovation ecosystem focused on Aerospace, IT and Cyber Tech domains.

Adjacent to Alpha, NASTP also boasts Pakistan’s very first National Incubation Centre with an aerospace vertical and a specialized focus on deep tech, funded by Ignite, a subsidiary of the Ministry of Information Technology. Daftarkhwan Alpha has a 450+ member capacity and brings you Daftarkhwan’s signature design and vibrant workspaces including amenities such as military-grade security, secure parking, a 10,000 sq. ft. cafe and a podcast room. Furthermore an on-site daycare facility, banking centers, ATMs and one-window legal and regulatory support facilities are planned to launch this January.

Comment by Riaz Haq on May 11, 2023 at 6:53pm

#Pakistan’s Abhi Issues First #Sukuk #Bond for a #Fintech in Region. #Karachi-based startup raised 2 billion rupees ($6.8 million). Demand exceeded expectations with subscriptions reaching twice the anticipated amount. #startup #technology
https://www.bloomberg.com/news/articles/2023-05-12/pakistan-s-abhi-...


Pakistan’s financial platform Abhi has raised the first-ever Sukuk bond for a fintech firm in the region, opening a new funding line for startups that have seen a slowdown in venture capital.

The Karachi-based startup raised 2 billion rupees ($6.8 million), an industry first for the Middle East, Africa and Pakistan region, said Omair Ansari, chief executive officer and co-founder. Demand exceeded expectations with subscriptions reaching twice the anticipated amount, he said in an interview.

Comment by Riaz Haq on May 30, 2023 at 8:27am

Google and Pakistan collaborate to drive IT education, 45,000 scholarships announced - Global Village Space

https://www.globalvillagespace.com/google-and-pakistan-collaborate-...

Pakistan’s Federal Minister for Information Technology and Telecommunication, Syed Aminul Haq, announced a groundbreaking agreement with Google during the Startups for Industries and IT Exports conference held at the Korangi Association of Trade and Industry (KATI). The agreement entails 45,000 scholarships to be provided by Google, with the aim of increasing the number to 450,000 in the following year. Notably, at least 40 percent of these scholarships will be reserved for women. This initiative marks a significant step forward in promoting IT education and fostering the growth of Pakistan’s digital industry.

Expanding Educational Opportunities
The collaboration between Pakistan and Google sets out to address the pressing need for skilled IT professionals in the country. The allocation of 45,000 scholarships signifies a remarkable increase from the previous year’s 15,000 scholarships. By targeting women, the government aims to bridge the gender gap in the tech industry, empowering more female individuals to pursue careers in IT. This initiative recognizes the importance of diversity and inclusion in driving innovation and technological advancements.

Empowering the IT Industry
Minister Aminul Haq emphasised the government’s commitment to the growth of the IT sector by announcing the construction of a dedicated building at NED University, with an investment of $1.6 million. The facility will serve as a hub for gaming and animation, nurturing local talent and further propelling the industry forward. These efforts align with the government’s vision of promoting startups, gaming, and animation within the country, leading to increased employment opportunities and economic growth.

Supporting Startups and Innovation
The conference brought together industry experts, entrepreneurs, and policymakers to discuss the importance of startups and innovation in the IT sector. Senator Abdul Haseeb Khan highlighted the crucial role that research and development play in driving industry growth. He also emphasised that startups today no longer require massive investments, thanks to the conducive environment and government support. With the increase in the number of incubation centres from five to eight in just three years, Pakistan is nurturing a vibrant ecosystem for startups to thrive.

Boosting IT Exports
Deputy Patron of KATI, Zubair Chhaya, lauded the efforts of Minister Aminul Haq, acknowledging the significant growth in Pakistan’s IT exports. From a modest $1 billion in exports, the sector has witnessed a remarkable surge to $2.6 billion at the end of the last financial year. This growth places Pakistan on a promising trajectory, showcasing its potential to compete with neighbouring countries. To further bolster the IT industry, Nighat Awan, the Senior Vice President of KATI, called for the abolishment of duties on machinery and IT-related products, fostering an environment conducive to expansion and innovation.

Comment by Riaz Haq on June 15, 2023 at 7:44am

Lahore’s Tech Renaissance: From Astrolabes To AI
Amir Husain

https://www.forbes.com/sites/amirhusain/2023/03/29/lahores-tech-ren...

Contributor
Amir Husain is the Founder & CEO of the global AI company, SparkCognition, and the CEO of SkyGrid.



Zaib and I just concluded a fascinating visit to Lahore, Pakistan. We were joined on this trip by Prof. Bruce Porter, former Chairman of UT Austin Computer Science and Chief Science Officer of SparkCognition, along with colleagues from SparkCognition, SkyGrid, and Navigate.

Lahore is an ancient and vibrant city, once one of the largest manufacturing centers of mechanical computers, called Astrolabes. Built by Muhammad Muqim and his family in the 16th century, these computers came hundreds of years before the Jacquard Loom or Charles Babbage’s Analytical Engine. The city is now busily reinventing itself as a modern hub for entrepreneurship and academia. Our journey unveiled numerous innovative startups, cutting-edge research projects, and the thriving connections between the city’s entrepreneurial and educational ecosystems.

Lahore University of Management Sciences (LUMS)

Our first public event was at the Lahore University of Management Sciences (LUMS), a prestigious institution renowned for its research and entrepreneurial spirit. Prof. Porter and I had the opportunity to deliver talks on entrepreneurship and artificial intelligence (AI) to an enthusiastic audience of students and faculty members.

Prof. Porter's talk focused on the three generations of AI, tracing its development from search algorithms to expert systems and the Generative AI explosion. The lecture provided insights into AI's potential to transform industries and our daily lives.

After the talks, we connected with professors and students, learning about their innovative startups and groundbreaking research projects. It was inspiring to see the passion and drive on display at LUMS.

IoT, EVs, and Quantum, Oh My!

We encountered three standout teams pushing the boundaries of technology and innovation. The first was the quantum computing group at LUMS which has developed and indigenously built an experimental quantum information processor. I was told by Dean Anwar of the Syed Babar Ali School of Science and Engineering (SBASSE) that this device has two entangled physical qubits based on single photons from a heralded source. This effort lands LUMS on a short list of global quantum computing research organizations. Applications of quantum computing may eventually revolutionize materials science and much more. It was quite impressive to see a cutting-edge effort like this underway at the school.

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