KARACHI: Pakistan Kuwait Investment Company (Pvt) Limited (PKIC) on Thursday unveiled its plans of an equity investment of Rs500 million in Planet N (Pvt) Limited.
“This investment is not only going to help Planet N expand its operations, but also motivate other investors to explore opportunities to develop and strengthen tech entrepreneurship and disruption in the country,” the company said in the statement.
PKIC said it was the largest equity investment by a local financial institution in a tech investment platform in Pakistan.
Addressing the signing ceremony, Mubashar Maqbool, MD PKIC, said the PKIC had a firm desire to support all priority sectors of the economy, especially the growing technology sector, by providing traditional as well as innovative financing solutions to its prospective customers.
Maqbool hoped this landmark investment should inspire other players, investors, family business houses, and investment companies to do the same and would also encourage the young entrepreneurs in the tech sector.
Nadeem Hussain, CEO Planet N, said he had always tried to encourage local investors to aid young entrepreneurs with innovative ideas.
“Our initial investment in tech companies has seen exponential gains and I hope having PKIC as an equity partner will initiate a big disruption in the local- investors- horizon and their approach towards tech-based investments,” Hussain added.