IT Minister Launches Pakistan Startup Fund To Catalyze Investments in Pakistani Startups

Caretaker Minister for Information Technology, Dr Umar Saif has finally launched the Pakistan Startup Fund to catalyze investments in Pakistani startups. According to the IT Minister, the caretaker government allocated Rs 2 billion to the Pakistan Startup Fund to boost investment in Pakistani ventures. It is pertinent to mention here that the Pakistan Startup Fund will support startups up to 30pc. It lured foreign investment of $800 million in the last four years and the ministry aims to attract more investment this year as well.

Pakistan Startup Fund Aims To Create Rs 50 Billion/year in Startup Ecosystem in Pakistan

The IT Ministry of Pakistan is all set to transform Pakistan’s entrepreneurial landscape. The basic goal of PSF is to catalyze investments in Pakistani startups. Moreover, PSF wants to create a dynamic ecosystem with financial support, mentorship, and networking opportunities.

Dr Umar Saif stated:

“Currently, more than 4000 startups are working in Pakistan. If you are a startup in Pakistan and a foreign VC is assessing your startup for a $1 million investment, the VC only needs to invest $700k. The notable part is that the Pakistan Startup Fund will give you a grant of $300k to help close the round. According to him, none will take any equity/shares in your startup or a board position, etc. The fund is designed to lower the risk for global investors to invest in Pakistani startups. In this way, once we have written you a cheque, we won’t trouble you at all .. betting on you and your VC investors to drive your success. With PSF we expect to create a value of at least Rs 50 Billion per year in the startup ecosystem in Pakistan.”

There is another good piece of information for you all especially freelancers of Pakistan. Caretaker Minister for Information Technology (IT) and Telecommunications Umar Saif announced the PayPal payment gateway. Reports claim that PayPal is ready to provide its services in Pakistan. The international payments will be carried out in Pakistan through a third-party gateway by PayPal as they will verify their presence in Pakistan via a strategic partnership. If you want to learn more about PayPal in Pakistan, head to this link.