KARACHI: Pakistan can be a nurturing ground for technology startups to help address economic and employment challenges in the country, Ali Samir Oosman, CEO of TPL e-Ventures said during a workshop on venture capital on Wednesday.
Samir, who is also a member of the SECP's committee on FINTECH, said that the future of venture capital in Pakistan is very bright and both local and foreign investors have deployed capital in Pakistani startups.
A number of startups are making their mark locally and globally on the technology landscape, which is a good omen not only for the venture capitalists, but for the government, as well.
Internet penetration in Pakistan has grown from 2.6 percent to 27.5 percent in under five years with 40,000 new subscribers/day, he added.
Pakistan has over 100 million phone subscribers, 60 million 3G/4G subscribers, and 35 million social media users.
“This increase in internet penetration has made the country one of the fastest growing retail markets in the world with an average growth rate of 8.2 percent against India’s 5.3 percent and Vietnam’s 4.8 percent.”
Venture capital is the riskiest asset class, but it can also be extremely lucrative. Startups drive innovation and disrupt industries, making lives easier and processes more efficient.
Rupee ended at 278.43 per U.S. dollar, slightly lower from Wednesday’s close of 278.39
Country’s total reserves fell by $68 million to $13.374 billion
Pakistan Stock Exchange's benchmark KSE 100-share Index shed 43.20 points or 0.06 percent to close at 70,290.12 points
Amount of car financing was Rs243 billion in the prior month. In June 2022, these borrowings reached a record high of...
