Pakistan is gearing up to launch its inaugural venture capital fund, denominated in the local currency, to stimulate the country’s tech sector and provide support to startups. Leading this effort is Lahore-based Sai Venture Capital Private, with plans to raise $10 million primarily from local investors.
Sai Venture Capital has already invested in companies offering services to enterprises in developed markets and startups focused on sectors such as health, agriculture, and education. Ahsan Jamil, the co-founder of Sai Venture Capital, revealed that the fund is currently 40% committed and has recently secured approval from the Securities and Exchange Commission of Pakistan (SECP). Jamil emphasized the significance of local investors, asserting, “The ecosystem doesn’t develop until you have local smart capital.” This development comes in response to waning interest from foreign investors in Pakistan.
In a related update, Federal Caretaker Minister for Information Technology and Telecom, Dr. Umar Saif, has expressed a strong commitment to attracting funding through the launch of the ‘Pakistan Startup Fund.’ This initiative aims to draw venture capitalists to Pakistan and cultivate a thriving startup culture within the country.
Muhammad Zohaib Khan, Chairman of the Pakistan Software Houses Association (P@SHA), quoted Dr. Saif as saying that the Ministry of Information Technology and Telecom is actively working on establishing the Pakistan Startup Fund. This fund will be established using resources from IGNITE, the National Technology Fund, which is supported by the federal government’s telecom industry revenues.
These initiatives mark substantial strides in promoting local investment in Pakistan’s tech sector and bolstering startups, ultimately contributing to the country’s economic growth and technological advancement.