LAHORE: Pakistan Kuwait Investment Company (PKIC) on Thursday announced that it is making an equity investment of Rs500 million in Planet N, a tech investment platform.

This is the largest equity investment by a local financial Institution in a tech investment platform in Pakistan. This investment will help Planet N expand its operations and 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 Rs38bn, PKIC is Pakistan’s leading DFI engaged in investment and development financing activities in the country.

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 US. It currently has more than 30 companies in its portfolio focusing on financial inclusion, fintech, digital media, data science and AI.

PKIC managing director Mubashar Maqbool company would continue to support priority sectors of the economy, especially the growing technology sector, by providing traditional as well as innovative financing solutions.

Published in Dawn, June 4th, 2021