In an unconventional move, Pak Kuwait Investment Company has invested PKR500 million in Planet N to promote the fintech startups in Pakistan.
Pak Kuwait Investment Company (PKIC) is the largest Development Financial Institution (DFI) in Pakistan with asset base of PKR 107 billion. PKIC has investments portfolio comprising of Meezan Bank, General Tyres, National Clearing Company of Pakistan and Al-Meezan Investment Management Limited. PKIC operations are regulated by State Bank of Pakistan and the investment came on back of approval by SBP, signifying SBP’s focus on developing the fin-tech segment of Pakistan.
Planet N has invested and supported technology based start-ups including Dawaai.pk, Tapmad TV, PublishEx, Datalift, Tez Financial Services, JinglePay, etc., in various locations including Pakistan, the UAE, Egypt, Singapore, and the USA.
Planet N currently has more than 30 companies in its portfolio focusing on financial inclusion, fintech, digital media, data science, and AI. The portfolio is expected to grow exponentially after funding from PKIC.
Managing Director (MD) of PKIC, Mubashar Maqbool said on the occasion
PKIC has a firm desire to support all the priority sectors of the economy, and especially the growing technology sector, by providing traditional and innovative financing solutions to its prospective customers.
CEO of Planet N, Nadeem Hussain, said
I have always tried to encourage local investors to aid young entrepreneurs with innovative ideas. His initial investment in tech companies has resulted in exponential gains, and he hopes that having PKIC as an equity partner will initiate a big disruption in the local investors-horizon and their approach to tech-based investments.
At the occasion, senior management of Planet N, PKIC, Meezan Bank and Pak-Libya Holding Company were also present.
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