Sheikh Nahayan Mabarak Al Nahayan Invests $5.4 Million in Inov8 Pakistan
Sheikh Nahayan Mabarak Al Nahayan from the UAE has financed $5.4 million in Pakistan’s fastest-developing mobile payments company, Inov8 Limited. His Highness Sheikh Nahayan Mabarak Al Nahayan, is the only investor in the company’s Series A round, investing $5.4 million in the company which has accomplished an estimate of $100 million.
“I have invested in multiple mobile payments and commerce initiatives, and I find the depth of the management, the product platform, and the vision of the founders to be the best I have come across. I look forward to being an integral part of their success story.”
Al Nahayan said.
In Pakistan’s market, Inov8 Limited is the fastest growing mobile payments company and a leading player. Inov8 Limited with its award winning products and facilities, is ready to extend to Africa and the Middle East.
Sheikh Nahayan Mabarak Al Nahayan Invests $5.4 Million in Inov8 Pakistan
“Sheikh Al Nahayan is an avid investor in the industry and understands it quite well.”
CEO and co-Founder of the company, Hasnain A Sheikh said while speaking to The Express Tribune.
He also added that:
“We are in a strong partnership with Wateen Telecom (owned by Al Nahayan) which is how the investment came about.”
“This round of funding is testament to the massive upsurge in the demand for Inov8 products and services across the region, which has been phenomenal over the last 18 months.”
He said.
Meanwhile, co-founder and president, Bashir Sheikh said:
“We will be utilising our funds for our growth across the Middle East and Africa region with an expectation to raise a much larger Series B round in the near future. We will be looking to grow organically and via acquisition, for businesses, products and teams.”
Commenting on the future objectives of the company, Hasnain said there is one simple goal, adding that:
“The company aims to become the number one mobile payments company in the world by 2020.”
“Inov8 has been working to grow the mobile payments industry in Pakistan since 2004. Today we have one of the largest offerings of products and services as well as one of the biggest client portfolios in the region.”
He said earlier.
Inov8 has been pioneering digital and mobile payments in Pakistan for over a decade, and has lately made news for introducing internet payments to Pakistan through an exclusive association with a leading aggregator working in North America and the region.
Global names including Google Play Store, Apple, AppStore, iTunes and Skype are available locally to Pakistani customers for the first time. This is one of many product and service assistance from Inov8.
With Sheikh Nahayan Mabarak being the only investor in its Series A round, Inov8′s headquarters have shifted to the UAE, while sustaining some of its presence in the UK. Meanwhile, the funding received, along with the post money valuation should make way for more investment in to Pakistan’s flourishing industry.
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