KARACHI ( Web News )
Pakistan Kuwait Investment Company (Private) Limited (PKIC) announces that it is making an equity investment of PKR 500 million in Planet N (Private) Limited. This is the largest equity investment by a local Financial Institution in a Tech Investment Platform in Pakistan. It was approved by the Board of PKIC in December, 2020. This investment will not only help Planet N expand its operations, but it will also motivate other investors to explore opportunities to develop and strengthen tech entrepreneurship and disruption in the country.
With total assets of over PKR 107 billion and equity of over PKR 38 billion, PKIC is Pakistan’s leading DFI engaged in investment and development financing activities in the country. PKIC was established as a joint venture between the Governments of Pakistan and Kuwait in 1979. It is a “AAA” (Triple A) rated financial institution.
Planet N has invested and nurtured tech start-ups such as Tapmad TV, Dawaai.pk, PublishEx, Tez Financial Services, Datalift, PiePie, Kashat, JinglePay, etc. spread across various jurisdictions including Pakistan, UAE, Egypt, Singapore and USA. It currently has more than 30 companies in its portfolio focusing on financial inclusion, fintech, digital media, data science & AI. This portfolio is expected to grow further after the equity investment by PKIC.
Speaking on the occasion of the signing ceremony, MD PKIC Mr. Mubashar Maqbool expressed his elation at this investment by PKIC and stated that PKIC has 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. Mr. Maqbool hoped that 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.
CEO Planet N Mr. Nadeem Hussain said he has always tried to encourage local investors to aid young entrepreneurs with innovative ideas. His initial investment in tech companies has seen 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 towards tech-based investments.
Mr. Irfan Siddiqui, CEO and President Meezan Bank Ltd, chief guest to the occasion said that this is one of its kind investment by a local DFI into a Tech disruption investment company paving the way for further investment by other financial institutions that will help tech start-ups in Pakistan.
Also, present on the occasion were Mr. Ariful Islam, Deputy CEO Meezan Bank Ltd, Mr. Khurram Hussain, MD Pak Libya Holding Co. and senior management from PKIC, Planet N, and Arif Habib Limited (AHL). AHL acted as the Financial Advisor to this landmark transaction.
Planet N was founded by Mr. Nadeem Hussain in 2016; with a vision to invest in growth oriented hi-tech companies. Mr. Hussain is the founder and ex-CEO of Telenor (previously Tameer) Microfinance Bank.