High-potential startups showcase ideas under the auspices of FPCCI

KARACHI: Farrukh H Khan, Chief Executive Officer (CEO) PSX apprised that under the auspices of FPCCI, high potential startups got the opportunity to showcase their work and pitch their ideas to the potential investors and venture capitalists.

He also highlighted the option of capital formation through PSX while talking about Growth Enterprise Market (GEM) Board and how growth enterprises and mature startups could use the option of raising funds through listing.

While talking about listing on GEM Board, MD PSX briefly touched upon the benefits that GEM Board offers in terms of having a large pool of investors and a structured framework that exists for foreign investors – which the startups can pitch and attract.

Additionally, to inspire the participating startups, he mentioned the example of one local successful startup Cloudways; and, informed that it was acquired by a US-based company for US 350 million dollars.

Suleman Chawla, Acting President FPCCI, has advocated that Pakistan Stock Exchange (PSX) should facilitate and enable Pakistani IT, FinTech, Software Houses and other tech firms to enlist with PSX; and, take the internationally-proven route of Initial Public Offering (IPO) to generate capital for rapid scaling-up domestically and establishing their footprint internationally as well.

It is pertinent to note that FPCCI hosted 20 prominent Pakistani startup companies in tech sphere at its Karachi Head Office under the umbrella of its Pak-UK Business Council (PUKBC); which had collaborated with ASPIRE Pakistan and Pak Angels platforms for the promotion of venture capital mobilisation; entrepreneurship development; international business networking and fostering startup ecosystem as a whole.

Imran Khalil, Chairman of Pak-UK Business Council (PUKBC) of FPCCI, apprised that the collaboration between PUKBC, Aspire Pakistan and Pak Angels emphasises a shared commitment to fostering an angel investment culture in Pakistan on the lines of international best practices and cultivating partnerships between Pakistan and UK-based enterprises.

This collaborative event aims to provide a platform for engagement with the growing trend of startups for a country’s economic growth; facilitating the sharing of essential knowledge for investing in startups and exploring growth opportunities for Pakistani startups on a global-scale.

Hassan Syed, Chairman of ASPIRE Pakistan, maintained that the business, industry and trade community of Pakistan should be engaged for the successful transformation of Pakistan into a knowledge economy and startup-friendly nation – as the resources, linkages and experience of the business community can provide all the required support Pakistani startup companies need to expand and export their services to the world.

Copyright Business Recorder, 2023