ISLAMABAD: ProPakistani, a technology and business news website, has raised more than Rs10 million from institutional and individual investors for the up-gradation of their digital news platform.

The company, in a statement issued on Saturday, said the exact amount has been kept confidential, however the funds would be utilised for upgradation of website’s outreach and inclusion of new segments such as enhanced coverage of political developments, sports and fashion industry.

The website will also have higher quality news contents with short videos and other multimedia tools.

“The investment places the company’s valuation in millions of dollars,” the company claimed, adding that this was the first investment for the company since it was founded in 2008.

The investors include The Interactive Group, Eikon7 and two individual investors — Usman Yousuf and Umayr Abbasi — who along with Shayan Mahmud, will join the founder and Chief Executive Officer Attaa and Syed Talal on the board.

“It is a moment of great pride for our team and our community and we will remain focused on our core mission to provide value to our readers,” said Attaa.

“We’ve seen unprecedented growth over the last few years and the funding will help accelerate our expansion plans,” he added.

One of the new board members, Abbasi, Managing Partner at APCO Group said that it was “really exciting to be part of Pro Pakistani’s story”.

“I believe this business has great potential to become a template for success in the Pakistani start-up ecosystem. With that being said, we’ve got a long way to go to realise that potential and we’re well aware that the real work starts now,” he said.

The web-based news sites in Pakistan have increased in number during the last few years due to its ease of use on mobile devices.

Pakistan currently has around 70m internet users out of which 98 per cent surf through their mobile sets.

However, the social media and other internet-based platforms have been a major source of fake and unverified news as well.

Industry players expect number of internet users will increase further across the country as companies invest into providing high-speed internet in smaller cities and remote villages.

Published in Dawn, July 28th, 2019