KARACHI: Pakistan Kuwait Investment Company (PKIC) (Private) Limited announces that it is making an equity investment of Rs500 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. These investments 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 Rs107 billion and equity of over Rs38 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 an “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. spreading 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 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.
Copyright Business Recorder, 2021