LAHORE: The Punjab Information Technology Board (PITB) claims that its project “PlanX” is the nation’s largest technology accelerator, generating million of rupees revenue in 2016.

“Last year, we generated a revenue of $743,807 through 19 start-ups of the PlanX under the acceleration programme,” claims a spokesman for the board.

This was accumulated from 4,491 customers, thereby creating 517 jobs. Four PlanX start-ups also raised $795,000 in seed funding during the course of the year, he added.

PlanX takes start-ups on a rolling basis, as it doesn’t have cycles and start-ups can apply for acceleration at any time. PlanX has successfully managed to accelerate 19 start-ups in 2016, which included the likes of, BeautyHooked, RepairDesk, MangoBaaz, Car Chabi and others.

The first to raise funding in 2016 was a PlanX alumni start-up Travly, who raised $200,000 from Cres Ventures. The second investment happened in the same month with a female-led start-up BeautyHooked who raised $280,000 in a seed round led by Fatima Ventures. In December, 2016 PlanX gained two more investments, thereby making MangoBaaz the third start-up to raise seed funding of $115,000 from Fatima Ventures.

A popular PlanX (alumni) start-up Patari, closed the year with a bang, by raising $200,000 of seed stage funding from Sarmayacar, an investor syndicate.

“The investments raised in 2016 is the beginning of new untouched horizons for PlanX start-ups, which has helped PlanX make its mark in the ecosystem as the nation’s largest technology accelerator,” the spokesman said.

Published in Dawn January 4th, 2017