ISLAMABAD: Caretaker IT Minister Dr. Umar Saif has launched the Pakistan Start-up Fund (PSF) to support and facilitate business initiatives in the country.
Under the new programme, Dr. Umar Saif said the government will contribute up to 30% of the investment by the VC as a grant to startups through the Pakistan Start-Up Fund (PSF) and will not claim equity or a position on the board. He said this while addressing the launch ceremony held in Islamabad on Tuesday.
Dr. Umar Saif said that it was a dream that was not easy to realise without support from the government and the Special Investment Facilitation Council (SIFC). Describing the role of PSF, Dr. Umar Saif mentioned that underwriting risks for VCs by the government illustrate the government’s commitment to fostering a robust startup ecosystem.
An investment of Rs2 billion will result in a valuation of Rs50 billion, bridging gaps. Aiming to connect innovative startups, venture capitalists, and investors, he said it is expected to significantly boost economic growth and innovation in Pakistan.
The IT minister, while further explaining the programme, informed that against the investment of up to 30 percent of the required fund of the startup, the government or fund will not claim equity or a position on the board of the company. Dr Saif said the 30 percent share of the government will be treated as grants for the startups, succeeding in getting at least 70 percent of foreign investment. The government, he announced, will not claim a return on the grant.
Regarding Pakistan’s startup ecosystem, Dr. Saif stated that over 80 incubators are operational nationwide, with 35+ Business Incubation Centres (BICs) in various universities. A network of 8 NICs is supporting startups, and there are more than 4,000 startups, indicative of a vibrant entrepreneurial landscape.
Talking about the investment landscape in recent years, the IT minister said there were investments of USD 733 million in Pakistani startups in 2021 and 2022. Major Funding Successes for Bazar, Dastgyr, and Retailo achieved $70M, $37M, and $36M in Series A and B funding in 2022. MyTM, Encorepay, ezBike, and Farmdar raised significant seed funding, showcasing the potential of NIC-incubated ventures.
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