Careem:
Careem is a taxi hailing app that is giving its American competitor Uber a run for its money in a region stretching from Pakistan to the Middle East and North Africa. The company cofounded by Mudassir Sheika, a Pakistani national, is headquartered in Dubai in the United Arab Emirates.
Careem's last round was valued at over a billion dollars when it raised $350 million from Japanese e-commerce firm Rakuten and Saudi Telecom Company (STC) at the end of 2016, according to Tech Crunch.
Careem's software has been developed by its technology partner VentureDive based in Karachi, Pakistan. VentureDive was started by serial Pakistani entrepreneur Atif Azim who sold his earlier startup Perfigo to network equipment giant Cisco for $74 million in 2004, according to a report in Tech in Asia.
Atif launched VentureDive in 2011 and took a small equity stake in Careem in exchange for building its entire tech stack – including the app, the website, and other digital platforms. That small stake has now grown to $50 million.
In 2016, Careem acquired VentureDive's engineering team working on its technology to give the engineers more ownership of the product – now they are getting equity stake in Careem and larger bonuses.
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| Afiniti Development Team in Lahore, Pakistan. Source: Afiniti.com |
Afiniti:
Washington D.C. based AI technology firm Afiniti, founded by serial Pakistani-American entrepreneur Zia Chishti, has filed for initial public offering (IPO) at $1.6 billion valuation, according to VentureBeat. The company has grown out of the technology used in the Pakistan-based call center business of The Resource Group (TRG) also founded by Zia Chishti.
Bulk of the Afiniti development team is located in Thokar Niaz Baig, Lahore. In addition, the company has development team members in Islamabad and Karachi.
Chishti founded his first company Align Technology in 1997 in Silicon Valley. It creates clear plastic braces for straightening teeth by using advanced 3-D computer imaging. The technology now trademarked as Invisalign has helped millions of people straighten their teeth for a beautiful smile without enduring the pain and unsightly looks of the traditional steel brackets and wires used in orthodontics. Align Technology is now valued at $10 billion.
Afiniti uses artificial intelligence (AI) algorithms to enable real-time, optimized pairing of individual call center agents with individual customers in large enterprises for best results. When a customer contacts a call center, Afiniti matches his or her phone number with any information related to it from up to 100 databases, according to VentureBeat. These databases carry purchase history, income, credit history, social media profiles and other demographic information. Based on this information, Afiniti routes the call directly to an agent who has been determined, based on their own history, to be most effective in closing deals with customers who have similar characteristics.
Summary:
Pakistan is an emerging center of technology with at least two unicorns, Afiniti and Careem, engineered by Pakistanis in Pakistan. With growing numbers of young homegrown Pakistani technologists, a highly skilled diaspora and an evolving startup ecosystem with incubators, accelerators and investors, the country is beginning to demonstrate its vast potential as a vibrant technology hub of the future. Provincial governments, particularly those in Punjab and KP, are showing leadership in encouraging this trend. The main ingredients are all coming together to make things happen in Pakistan.
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THE EXPRESS TRIBUNE > TECHNOLOGY
10 Pakistani startups that made a mark in 2016
Here’s a list of 10 local startups that made a mark in 2016.
https://tribune.com.pk/story/1261169/10-pakistani-startups-made-mark-2016/
1. Slide
Slide is an android based lock screen app that entices users to read content and click on ads by rewarding them with free internet and mobile recharge. What makes the app standout among other similar apps is that it allows users to select content of their interest. The app features a simple design that is seamlessly integrated in the smartphone’s lock screen. Users can choose content from an array of topics that include current affairs, sports, entertainment and fashion among others.
With Slide, Pakistan gets its first lockscreen app
The startup quickly tasted success, with downloads ranging between one to five million. It is worth mentioning that the app also secured $3.6 million in series A funding from South Korean VC firm Songhyun Investment, bringing its total investment to $4.6 million.
2. BeautyHooked
BeautyHooked is Pakistan’s first woman-funded, woman-run startup which provides a one-stop destination for females to browse salon and spa services, review prices and book appointments online. The startup also provides local industry players with a platform at a subscription.
BeautyHooked’s innovative idea led it to secure $280,000 in funding from Fatima Ventures within a year of its launch. The startup has now set its sight on capturing new markets.
3. Finja
Founded by tech and banking veterans, Finja is a Fin-tech startup that aims to digitise financial services in the country. The Lahore-based startup capitalises on rapidly growing smartphone penetration and a digitally literate population by offering financial services through its mobile wallet products.
Finja was successful in raising $1 million from Swedish investment firm Vostok Emerging Finance earlier this year and expects to raise the remaining $500k of it $1.5 million bridge-seeding soon.
4. Smart Devices
Smart Devices is among the first few Pakistani startups to employ IoT (internet of things) systems. The award-winning startup offers products that allow people to control home appliances from smartphones and computers.
This Pakistani startup offers solutions to differently-abled people
The Lahore-based startup offers electronic devices featuring WiFi functionality to replace the conventional plug and socket set up. The startup also has dedicated Android and Chrome apps as well as a cloud service, allowing its products to be in sync with different devices.
Smart Devices was nominated for the World Summit Award (WSA) this year. The startup also won the first ever IoT award in the Smart Home Category at Telenor’s IoT expo last year.
5. Find My Adventure
Find My Adventure is Pakistan’s first online end-to-end tourism portal that provides a one-stop shop for travelers where they can search, compare, select and book trips across the country. The startup allows travelers to choose from an array of pre-planned trips or plan one of their own.
Find My Adventure has facilitated 750 unique travelers in just over four months of its launch. It receives an average of 400 daily users on its website.
6. WonderTree
This startup is redefining the concept of special education by facilitating learning and therapy using games. WonderTree employs Microsoft’s Kinect technology and augmented reality to design interactive games that help encourage the mental and physical development of differently-abled children.
This Pakistani beauty startup just raised $280k seed round
WoderTree’s ground-breaking concept has earned it much recognition around the world with the startup wining an award at the GIST TECH-I startup competition at Stanford University. It also secured second place at P@sha ICT Awards in the e-Inclusion and e-Community category and recently won gold at the Asia Pacific ICT Alliance Awards (APICTA).
PAKISTAN’s FIRST VC FIRM
Published on June 6, 2017
LikePAKISTAN’s FIRST VC FIRM22Comment4ShareShare PAKISTAN’s FIRST VC FIRM6
Babar Lakhani
Babar Lakhani
FollowBabar Lakhani
CEO @ Lakson Investments
I am excited to announce that Lakson Investments (“LI”) has been awarded the first VC license in Pakistan.
LI is one of the largest private sector asset managers in Pakistan with over US$300mn under management with a rating of AM2+.
In Q4 2016, LI launched Lakson Investment Private Equity (“LI PE”) , which is led by a senior team of partners who were previously Directors at Goldman Sachs and Abraaj. This PE Fund is currently in pre-launch and expects to be investing by the fall of 2017.
LI is actively seeking to build another high-calibre investment team for Lakson Investments VC (”LI VC”) combining local knowledge with international experience. The Fund will invest alongside entrepreneurs and local businesses to build new enterprises and through investing seed capital, take ideas to the next stage. LI VC will work with LI’s team of over 50 experienced professionals while at the same time, leverage the operational experience of the Lakson Group. Over 14,000 people are employed by Lakson in Pakistan in businesses across sectors such as: Technology (CyberNet & Sybrid), Broadcast and Print Media (Express Media Group), FMCG (Colgate-Palmolive Pakistan), Insurance, and QSR (McDonald’s Pakistan).
Pakistan today has incredible opportunities in the IT space and LI VC is excited to announce that Sybrid will be their key technology partner to review both the IT capabilities of the firms that the Funds invest in and as well, evaluate how IT will create scalable opportunities. Teams and offices will be based around Pakistan in Karachi, Lahore and Islamabad.
https://www.linkedin.com/pulse/pakistans-first-vc-firm-babar-lakhani
Uber rival Careem closes $500M raise at $1B+ valuation as Daimler steps in
https://techcrunch.com/2017/06/14/uber-rival-careem-closes-500m-raise-at-1b-valuation-as-daimler-steps-in/
Amid ongoing struggles at Uber, one of its stronger regional rivals in transportation on demand has raised a significant round of funding, picking up a significant strategic investor in the process. Careem, a transportation startup currently in 80 cities across the Middle East, has raised another $150 million — closing out a $500 million Series E round that it confirmed in December when it announced the first $350 million tranche. With the new funds, Mudassir Sheikha, Careem’s co-founder and CEO, confirmed that Careem’s valuation is now over $1 billion. A separate source tells us more precisely that the funding is now $1.2 billion.
This latest tranche is being led by Saudi-based Kingdom Holding, the VC that also backs Lyft and invested in Twitter and Snap before they went public. German automaker Daimler (which itself has acquired Hailo in the UK, Taxibeat in Greece and MyTaxi in Germany), and VCs DCM Ventures and Coatue Management also participated. (A source confirms to us that the overall $500 million is being led by Rakuten, which invested in the first tranche.)
“With our investment in Careem, we are now taking the strategic step to becoming the world’s leading provider of mobility services,” Klaus Entenmann, CEO, Daimler Financial Services AG, said in a statement. “Careem has quickly leapt to the leadership of ridesharing within the MENA regions by delivering rapid innovation and customer growth, and it is spearheading new ways to transport people from point A to point B.”
This is a significant Series E for Careem — previously, the company had only raised $72 million. The size of the round speaks of the opportunity that investors see right now to grow more regional transportation services — both in direct competition with Uber and incumbent forms of transportation, as well as to tap a very big opportunity.
In the case of Careem, the latter is actually the stronger force at the moment. Sheikha — who co-founded the company with Magnus Olsson (who is the MD) — estimates that Careem plus Uber account for only around 1 percent of the potential market for transportation services in the region.
“When it comes to ride hailing, Uber is the primary competitor, but between us we’re serving just 1 percent of the opportunity,” he said, “so the biggest challenge is just growing.
“Dubai is a truly global city, but as soon as you leave Dubai for places like Oman or Cairo or many other cities, you realise that public transport infrastructure is not extensive. Plus, in our markets, if you look at the numbers, car ownership is also very low. Transportation is supply-constrained.”
Indeed, while half the world is railing about how Uber has treated women over the years, the challenges are of a decidedly different nature in Careem’s neck of the woods.
While women can drive in some places, in many they cannot, and many simply do not. “Women want to go out to school, college and work but cannot go because there is no car available,” he said. Many rely on fathers, brothers and husbands to get them around. “Transportation and lack of public transport what we are trying to address and reliably remove that constraint.”
Another issue that is perhaps more specific to Careem’s place as a startup mostly focused on emerging markets: payments. The vast majority of consumers either do not have credit or debit cards, or simply prefer to pay in cash, so Careem has had to adjust accordingly.
The company has come up with a mix of interesting solutions, including a network of people in its cities who act as collection managers, taking funds and then paying out drivers. And it also has developed an in-app wallet, where your change can be deposited after a ride if your driver doesn’t have it to hand, and then used for a future trip. The wallet also acts as a credit account for the highest-rated passengers.
#Pakistan's #IT industry exports jump 19% last year hit all-time high near $1 Billion. #technology http://bit.ly/2w82sgr via @techjuicepk
Pakistan’s IT exports have hit an all-time high in the outgoing financial year of 2016-2017.
The country is witnessing a growth boom in the IT industry like never before and the government is also taking steps to support the IT infrastructure. And the numbers prove that the positive activity in the IT industry is delivering good results. According to ProPakistani, figures provided by the State Bank of Pakistan(SBP) indicate that the IT industry’s exports – which includes telecom, and computer and information services – in the outgoing financial year were of $938.640 million. The exports made in the previous financial year of 2015-2016 were worth $788.640 million. This indicates a year-on-year growth of 19%.
The Pakistan Software Exchange Board(PSEB), on the other hand, has reported figures that are three times greater than those reported by the SBP. According to the PSEB, the IT exports stand at a whopping $2.8 billion. There is a huge disparity in the numbers that have been reported by the SBP and the PSEB. However, it should be noted here that the SBP and the PSEB calculate the final figure of IT exports in a different manner. The PSEB reports in different sectors such as financial services, healthcare sector, e-commerce, e-health, but to estimate the final figure of total exports it takes into consideration all the exports done by local software houses to international clients.
If Pakistan’s IT industry keeps thriving at this rate, it certainly rings good news for the country’s economy. Could Pakistan hit the target of $6 billion software exports by 2020 or the target of $10 billion IT exports by 2025? We’ll have to wait and see. But the present certainly does look good.
125 #IT Jobs Just Moved From #Noida #Delhi #India To #Islamabad, #Pakistan. #Tech
https://www.outlookindia.com/magazine/story/noida-to-islamabad/299532
On the night of November 1, stretching into early next morning, close to half the workforce at the Noida office of a US-based IT service provider was informed that their services were no longer needed. A former employee says salaries for the staff at the Noida office were declared delayed by a day on October 31. The official explanation was that the servers were not working. “They weren’t clear about how many people were going to be laid off,” he says. The next night, they “axed 125 people in half-an-hour.” They all got a severance package—a cheque for October and another two months of salary—and a termination letter. Rumours of layoffs had started doing the rounds four to five months ago. The talk was that the company was opening offices in a neighbouring country.
Curiously, the day the workforce in Noida was sacked, almost the same number of employees for the same low-level IT-enabled jobs logged into their systems, 676 kilometres away, in Islamabad, Pakistan.
Job cuts have plagued the Indian IT sector for about two years now and have begun to get pretty serious from the start of this year. “Bloodbath in Bangalore” has been the recurring headline. But the trend of these jobs going to techies in Pakistan is more recent. Away from all the noise of ceasefire violations and surgical strikes, where Pakistan could really hurt India is in taking away low-end IT jobs. The neighbour has a budding IT industry, growing in its own space, looking to emulate the Indian IT success story where right now data operators and BPO callers come much cheaper.
Last week, the Planning Commission approved the PKR 1.1 billion National Center for Artificial Intelligence (NCAI) - one of four upcoming multi-university research centers to help move Pakistan forward into the 21st Century and help create the foundation for future growth and prosperity.
This is the culmination of Minister Ahsan Iqbal's vision who not only initiated and championed but also guided the process for over a year. These Centers will support nationally relevant research in the cutting-edge and emerging areas of science and technology where a little bit of investment by countries like Pakistan can provide us with a credible capability and a foothold in the global race towards prosperity.
NCAI would be headquartered at NUST but will have labs across the country working on a range of AI applications in security, factory automation and motion planning, medical diagnostics, brain machine interface, agriculture, and the like. It was a pleasure working with people involved, Drs. Arshad Ali, Yasar Ayaz Muhammad Khurram Gul Muhammad Khan and others across the country.
Not a single brick of infrastructure! Pure investment in Human Capital, Collaborative Networks, and Equipment for Labs. It took a bit of time to do this. But now that the model is set, we can quickly move on other Centers too. If we can do this right - and the next 3 years will tell - we could have set a unique model of merit based competitive research for rest of the Universities to follow.
https://www.facebook.com/photo.php?fbid=10154968691107032&set=a.491071792031.268399.569127031&type=3&theater
Ideas meet investments: Momentum Pakistan 2018 kicks off in Karachi
https://www.brecorder.com/2018/02/20/400051/ideas-meet-investments-momentum-pakistan-2018-kicks-off-in-karachi/
Startups, entrepreneurs, tech giants, social media stars, musicians; Momentum’18, one of Pakistan’s biggest tech conference, had it all covered under one roof.
Pakistan’s most awaited tech conference, Momentum Pakistan 2018 initiated yesterday, February 19 and will also continue today, February 20. The annual event attracted numerous startups, entrepreneurs, incubators, and national and international investors. The conference also hosted number of global companies including Facebook, Google, Amazon, Microsoft, IBM and many others, of which’s delegates along with setting up their stalls, gave inspirational speeches too.
“I think this is a great platform where tech startups, investors, and IT vendors can meet and get support. My aim is to help these startups grow in Pakistan and abroad by giving them a platform,” expressed Chrystele Dumont from Microsoft.
The conference was a home for 250+ startups. Ranging from e-commerce and marketing based, to incorporating artificial intelligence (AI) into everyday products and turning them into smart technology, the conference contained all.
Ignite, Qubolt, Fori Mazdoori, Botsify etc. were among the many names promoting their various products such as chat bots, holograms, robots, smart courier services and more.
The conference proved to be a great platform for women too who showcased their products. Developing smart technology such as ‘Rough Road Detection’, brain-driven ‘Intellectual Wheel Chair’, ‘Vision Detector’ for visually impaired, and ‘iSecure’ smart watches for eradicating child abduction etc. proved that women are no less than men.
“It’s time for us women to have a ripple effect and be positive,” expressed Gia Farooqui, CEO of Roshni Rides.
The Pakistani Indian, Asha Jadeja from Dot Edu Ventures also said, “Pakistan has the most exciting ecosystem that is growing. Technology is at its beginning phase here and it is developing more.”
Moreover, the conference also consisted of amazing speakers and panels from startups and from renowned firms all across the world. Asha Jadeja from Dot Edu Ventures, CEO of Foodpanda, Telenor, Careem etc., USAID representatives, Lashley Pulcifer from Hashoo Groups, Chrystele Dumont from Microsoft, were a few of the esteemed speakers that spoke on different topics regarding investments, women empowerment, Pakistani entrepreneurial ecosystem, tech startups and much more.
“Events like these are very important, they bring together everyone to inspire,” said Lashley Pulcifer, Chief Marketing Officer of Hashoo Group.
Lastly, the day was not all about speeches and promotional stalls. The event’s first day ended with a standup comedy by the popular social media star Junaid Akram where he left the audience laughing. It was followed by a concert from the ‘Call’ that marked a perfect ending to the first day of Momentum Pakistan 2018.
Talking about the event, Junaid Akram said, “This is a platform to bring startups together. Things like these are not highlighted in Pakistan, and events like these bring everyone under one roof, bridging investors and creators.”
National Incubation Center Karachi inaugurated at NED University by PM
https://www.techjuice.pk/national-incubation-center-karachi-inaugurated-at-ned-university-by-pm/
Prime Minister of Pakistan, Shahid Khaqan Abbasi has inaugurated the National Incubation Center (NIC) Karachi at the launch ceremony held at NED University of Engineering & Technology on 11th May.
The event kicked off with a panel discussion moderated by Murtaza Zaidi, Director NIC Peshawar. The panelists included Jehan Ara – President at P@SHA, Faisal Sherjan – Program Director at NIC Lahore, Neelam Azman – Innovation Intervention Specialist at Pakistan Poverty Alleviation Fund (PPAF), and Adnan Shahid, Chief Commercial Officer at PTCL. The panel discussion explored the potential of NICs to ignite and strengthen the local entrepreneurial ecosystem of the country.
Jehan Ara believes that successful exit stories will help attract investors to inject more finance in the local entrepreneurial ecosystem. While sharing success stories of their respective incubators, Jehan and Sherjan identified that Pakistani millennials are passionate to solve social problems with entrepreneurship. Be it education, healthcare or social inclusion, young entrepreneurs of the country relate to grassroots problems and are driven to solve them.
With incubators being the guiding force, these startups are smart enough to figure out the right way. Sherjan highlighted that it is essential to expose “Generation Z” to the driving factors behind fourth industrial revolution such as machine learning and AI. Summer programs launched by NIC Lahore and The Nest I/O are putting rigorous efforts to provide that tech entrepreneurial exposure to teenagers.
#PTI's 14-Point for #Digital #Pakistan. #Elections2018 #ImranKhan https://www.techjuice.pk/pti-unveils-digital-policy-naya-pakistan/ PTI’s 14 Points for Digital Pakistan:
$2 billion set aside for National digital transformations & provision of different services to citizens through mobile.
Using technology to open government data to increase transparency
IT education of 50,000 students
Establishment of 120 new campuses to produce 100,000 technology graduates/year
Mathematics and Science teacher training and certification program
Five new major technology clusters (Special Economic Zones)
A focus will be on creating enabling environment for start-ups and entrepreneurs.
50,000 call center seats available on a turn-key basis
One window operation to register a new company
A global PR campaign involving expat community
Visa issuance on green passport for Businessmen and professionals
Simplification of processes for foreign ownership of companies
Public-Private Partnership on projects
Target will be set to increase the global ranking of Pakistan in ease of doing business
#Pakistan #Information #Technology #exports reached US$1,064,540, exceeding US$1 billion in Fiscal Year 2018, according to data from the State Bank of Pakistan. #Telecommunications #Software #computers http://www.sbp.org.pk/ecodata/index2.asp
https://twitter.com/haqsmusings/status/1034492236279345152
https://www.techjuice.pk/pakistans-it-export-crossed-1-billion-mark-for-the-first-time-in-history/
#Pakistan graduates about 22,000 #computer-#science majors each year. Significant numbers of these graduates can be groomed into a small army of highly-skilled professionals to develop #AI products and earn billions of dollars in #tech #exports. https://www.thenews.com.pk/print/404748-gateway-to-knowledge
By Dr. Ata ur Rahman
The advantage of investing in areas such as artificial intelligence is that no major investments are needed in terms of infrastructure or heavy machinery and the results can become visible within a few years. There is now a huge international demand for well-trained professionals in this field. Most advanced countries are searching for young trained professionals so that they can benefit from development taking place across the globe. Visa restrictions have been relaxed for these professionals. Artificial intelligence will find applications in almost every sphere of activity, ranging from industrial automation to defence, from surgical robots to stock-market assessment, and from driverless cars to agricultural sensors controlling fertilisers and pesticide inputs.
Pakistan churns out about 22,000 computer-science graduates each year. With additional high-quality training, a significant portion of these graduates could be transformed into a small army of highly-skilled professionals who could develop a range of AI products and earn billions of dollars in exports.
Another important step in developing a knowledge economy is to uplift our technical and vocational training centres while being mindful of the needs of industrial hubs that are to be set up under CPEC. There are over a thousand such centres, but they are in a bad state. If some of these centres are converted into high-quality technical training institutes for teachers in collaboration with Germany, China or other advanced countries, well-trained teachers can then be absorbed in the thousand or so technical training centres. This could contribute to industrial development. The Fourth Industrial Revolution is upon us with all of its challenges. We live in a world where truth has become far stranger than fiction. Each day brings thousands of new discoveries. Many of these discoveries are transforming our lives in numerous ways. The blind can now see using their tongue. Molecular scissors have been developed that allow genes to be cut from one species and transferred to another, resulting in new plant and animal species. Genes have been transferred from deep-sea jelly fishes to orchids to make flowers that glow in the dark.
Nanotechnology is being employed to commercially purify water. Superfast gene-sequencing will allow the entire human genome to be sequenced in minutes. Objects can now be moved by thought control and driverless cars are being developed. We now have anti-ageing compounds that have been known to reduce the signs of ageing among mice. Children being born today are expected to live up to the age of 120 or more.
3D-printing is being used to produce parts of human livers and kidneys. Stem cells promise to cure damaged organs and may change the manner in which medicine will be practised in the future. Our own work on the molecular basis of thought processes has provided exciting insights into the functioning of the human brain – arguably the most complex object in our universe, with 100 billion neurons in a brain, each neuron communicating with some 10,000 other neurons. This work has led to new approaches to treat Parkinson’s disease. A knowledge economy requires a different approach to socioeconomic development than that adopted by Pakistan so far. It needs to rely on carefully crafted policies and the development of knowledge and skills in selected fields for inclusive sustainable socioeconomic development.
The formation of a taskforce to strengthen knowledge economy represents one of the most important developments in the history of Pakistan. The PMmust be congratulated for focusing on this critical area. The challenge now lies in the efficient implementation of the taskforce’s recommendations.
Hundreds of #Careem employees in #Karachi, #Berlin and #Dubai will become millionaires as a result of company's $3.1 billion acquisition by #Uber. #Pakistan #UAE #Germany https://www.thenational.ae/business/technology/hundreds-of-careem-millionaires-after-staff-share-in-3-1-billion-uber-payout-1.841866 via @TheNationalUAE
Almost 300 employees of Careem will become millionaires after Uber acquired the Middle Eastern ride-sharing company. 200 of these employees will become Dirham millionaires, whereas almost 75 will become dollar millionaires for their shares reports The National.
All the employees of Careem had stock options and their company shares will be bought as part of the Uber acquisition deal worth $3.1 billion. This transaction will be completed by the first quarter of 2020 and will be divided into $1.4 billion to be paid in cash and $1.7 billion in convertible notes into Uber stock. Both ride-hailing companies will operate their respective regional services and independent brands. Both companies’ apps will also continue to operate under separate brands
The 4000 Careem employees who had stock options included its pool of executives, developers, and engineers working across all locations of the ride-hailing companies for operations and R&D. The acquisition of the entire company means that these shares will be acquired by Uber as well as creating millionaires.
Some of the Careem executives other than Mudassir Sheikha, Magnus Olsson, and Abdulla Elyas whose net worth will skyrocket after this transaction are likely to include:
Ankur Shah, Chief Finance and Strategy Officer
Hadeer Shalaby, Regional Director of Careem Bus
Junaid Iqbal, Managing Director for Pakistan
Ibrahim Manna, Managing Director for Emerging Markets
Bassel Al Nahlaoui, Managing Director for Gulf
The employees who will create wealth are not only the executives and operational team who have been associated with the company since its early days but also those who left after serving for a time period and earned company stock. Startup founders whose companies were acquired by Careem will also gain considerable wealth with this acquisition. However, Careem captains are not part of the transaction.
Afiniti founder Zia Chishti on his third billion-dollar company
https://www.afr.com/companies/lunch-with-the-afr-zia-chishti-founder-afiniti-20180515-h103zd
Chishti admits there is a porous border between Afghanistan and Pakistan along the so-called Durand line but once you get 60kms inland it's a different story.
"Then from that point forward you have to look at the actual incidents of violence and the actual incidents of terrorism in the broader country and I believe it's essentially close to zero when you divide it by the broader population," he says.
By now the nearby table of 20 people have become a little raucous but our food has arrived.
I push him on the fact that Osama Bin Laden was living within walking distance of a military barracks when he was killed by the Americans.
"The popular description of Osama Bin Laden's presence in Abbottabad, which is the town you were thinking of, is it could only reflect one of two things, that either the Pakistani government was somehow complicit in maintaining him in the country or they were incompetent in not being able to determine that he was in the country," he says.
"And so which one was it? Are you guys stupid or are you guys evil? My typical rejoinder to that is it's a false choice. Imagine for a moment that you looked at the FBI's most-wanted list and you find the guy at the top of the list five miles outside of Washington DC. Would you say that the US government was hiding him outside of Washington DC or that the FBI was incompetent?
"You'd conclude neither, you'd just say that an intelligent person who has reasonable resources, who wants to hide, is hard to find.
"If they found him outside of Washington DC, I don't think it would have implied that the US government was harbouring him or that the FBI was incompetent."
'America is diminished'
On the subject of US President Donald Trump, Chishti says Trump is 20 per cent good and 80 per cent bad. He says the good part is that Trump is an entrepreneur who is business friendly and trying to drive positive change in the American economy.
"The 80 per cent bad bit is the bigotry, the racially charged views, the overbearing stance on other countries around the world, including threats to bomb them or threats of economic sanctions," he says.
"That's the stuff that gets America into trouble and it tears at the fabric of society when we encourage racial division. It sets us back 30, 50, 100 years in our efforts to establish harmony and build a society that really has dropped perceptions based on colour or background or religion, from its analysis of individuals that he comes into contact with.
"In terms of geopolitical stature, I think America is diminished when we make bombastic statements that are not supported in fact and in which we caricature others to an unfair degree."
Trump, he says, is a logical product of the US electorate.
"I may be off by a few percentage points but my recollection is that 56 per cent of Americans believe that God created the universe less than 10,000 years ago," he says. "When you start from that position of bias, many geopolitical views become hard to swallow."
Sunny growth rates
It is impossible to avoid discussing the upcoming elections in Pakistan, especially when I learn he is a close friend of Imran Khan, the former international cricketer and Pakistani politician who heads the Pakistan Tehreek-e-Insaf party or the PTI.
"I was one of the early financiers of Imran Khan's election campaign two iterations ago," Chishti says.
"Imran stands as being around accountability, transparency in government, and focus on reforming the judicial system and reforming the electoral system. To the extent that he has moved in that direction heavily, he has actually resulted in some significant positive change in the country.
#Pakistan's #tech ecosystem is finally taking off. In 2021, Pakistani #startups are on track to raise more money than the previous 5 years combined. This capital is coming from investors from #Asia, #MiddleEast & top #SiliconValley VCs.
https://tcrn.ch/2TEwRR0 via @techcrunch
https://twitter.com/haqsmusings/status/1412922307438268416?s=20
Pakistan, the world’s fifth most populous country, has been slow to adapt to the internet economy. Unlike other emerging economies such as China, India and Indonesia, which have embraced digitization and technology, Pakistan has trailed the region in the adoption of technology and startup formation.
Despite this, investors have dreamed for years of the huge opportunities in unlocking Pakistan’s potential as a digital economy. As a country of 220 million people, almost two-thirds of whom are under the age of 30, Pakistan draws natural comparisons to Indonesia — which has rapidly emerged as one of the most vibrant technology ecosystems outside the U.S. and China.
After years of lagging behind, over the course of the past 18 months, Pakistan’s technology ecosystem has come to life in unprecedented fashion. In 2021, Pakistani startups are on track to raise more money than the previous five years combined. Even more excitingly, a large portion of this capital is coming from international investors from across Asia, the Middle East and even famed investors from Silicon Valley.
The rapid emergence of Pakistan’s technology ecosystem on the international stage has been no accident — it’s the result of a confluence of changing facts on the ground and shifting dynamics in the startup and investing world as a result of the pandemic.
The sudden emergence of Pakistan’s tech ecosystem on the international stage has been driven by three major factors: an improving security situation, quickly growing mobile connectivity, and critical legal changes and deregulation.
As a frontline state and coalition partner in the United States’ invasion of Afghanistan, Pakistan saw fatalities from terrorist violence soar from 295 in 2001 to a peak of over 11,000 in 2009. This climate of instability and violence scared away international business and investors from Pakistan for much of the first two decades of the 21st century.
The startup boom in Pakistan
https://tribune.com.pk/story/2308970/the-startup-boom-in-pakistan
Record levels of funding are pouring into Pakistan-based startups, boosting hopes for a brighter economic outlook for the world’s fifth-most populous country.
Startups have received $85 million in venture capital (VC) funding so far this year, outpacing the $66 million raised in 2020, and venture firms continue to build their war chest.
“A surge in venture capital investment in 2021 augurs well for innovation in the country,” said HBL COO Sagheer Mufti while talking to The Express Tribune.
“In particular, the focus on fintech and partnerships with banks provide immense opportunity for driving consumer choice and ease, employment, financial inclusion and economic growth. HBL’s investment in Finja was in this spirit,” he added.
Fintech companies have received about a fourth of the total VC investment so far this year. They are finding plenty of overseas investors eager to tap the world’s third-largest unbanked population in what is being called a “fintech revolution”.
In Pakistan, 71% of adults do not have a bank account, one of the highest rates in the world.
Islamabad-based fintech SadaPay raised $7.2 million - reportedly the largest seed round ever in the country - for a personal debit card and e-wallet that still awaits regulatory approval.
Trading app KTrade - dubbed the “Robinhood of Pakistan” - raised $4.5 million after amassing 200,000 users since its launch in 2019.
US-based mega-firm Kleiner Perkins made its first investment in the country - a $17 million round for Tajir, a B2B marketplace based in Lahore that enables small business owners to buy from manufacturers and wholesalers.
Another B2B marketplace, Bazaar, raised $6.5 million in seed capital. Abhi raised $2.1 million for its early wage access platform and is headed to Y-Combinator (along with TAG).
Government to establish 10 IT parks by next year: IT Ministry - Pakistan - Business Recorder
https://www.brecorder.com/news/40304707
The government has announced the establishment of ten new Software Technology Parks across the country by next year, according to Radio Pakistan.
This was stated during a briefing by the Ministry of Information Technology to a high-level meeting chaired by Prime Minister Muhammad Shehbaz Sharif in Islamabad.
The meeting was informed that 100 new e-employment centers will also be set up in the country by next year.
The project of Islamabad IT Park will be completed next year with the cooperation of South Korea. It will provide startups, incubation centers, banks, restaurants, and other facilities.
The meeting was informed that South Korea is also collaborating in establishing an information technology park project near Jinnah International Airport in Karachi which will be completed by 2027.
So far, 43 software technology parks have been established in 29 cities of the country.
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Tech parks for growth
https://www.thenews.com.pk/print/1177295-tech-parks-for-growth
In today’s fast-paced global economy, technology parks play a crucial role in fostering industrial development by providing an ecosystem conducive to innovation, collaboration and entrepreneurship.
These designated areas are often referred to as research and technology parks or science parks. They can serve as catalysts for economic growth, driving technological advancements, attracting investment, and nurturing talent. By bringing together academia, industry, and government, these parks facilitate collaboration and knowledge exchange, leading to breakthrough discoveries and technological advancements.
They are often located within or near universities so that they have ready access to highly trained workers in various fields. In Pakistan, I was involved in establishing a technology park in the National University of Science and Technology in Islamabad as well as setting up several software technology parks in early 2001 in Islamabad, Lahore, Karachi and Peshawar. More recently, an excellent technology park was established under my supervision within the Pak-Austria Fachhochschule (University of Applied Science and Engineering) in Haripur, Hazara.
Technology parks play a crucial role in enhancing the competitiveness of industries by providing access to state-of-the-art infrastructure, specialized facilities, and cutting-edge equipment. Companies located within technology parks benefit from shared resources such as research laboratories, testing facilities, and prototyping centres, enabling them to accelerate the development and commercialization of new products.
Moreover, the clustering effect of technology parks encourages the formation of industry clusters, where companies operating in related sectors can collaborate, share best practices, and access a pool of skilled talent.
Pakistan-Origin Ex-Afiniti CEO Zia Chishti Wins Retraction & Apology from ‘The Telegraph’ Over Allegations
Pakistani-American tech entrepreneur Zia Chishti, former CEO of TRG and Afiniti, remains at the center of a legal dispute that has drawn global attention. In a recent development, The Telegraph issued a formal apology and retracted its previous reports on sexual misconduct allegations against Chishti, stating they were “false and defamatory.”
Despite this, Chishti lost a defamation lawsuit against Tatiana Spottiswoode and her legal team in the Washington D.C. District Court. The court dismissed his lawsuit in October 2024, ruling that it attempted to overturn a prior arbitration decision, which found him liable for sexual harassment and assault, ordering him to pay over $5 million in damages.
https://www.techjuice.pk/pakistan-origin-ex-ceo-of-afiniti-zia-chishti-secures-retraction-and-apology-from-the-telegraph-over-false-allegations/
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Zia Chishti – an apology
https://www.telegraph.co.uk/news/2025/03/17/zia-chishti-an-apology/
The Telegraph apologises to Mr Chishti and his family for the harm they have been caused. Finally, The Telegraph has agreed to pay Mr Chishti a substantial sum by way of damages and a contribution to his legal costs. With these steps, The Telegraph and Mr Chishti have agreed to end the litigation between them
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A series of articles published by the Telegraph from November 2021 to February 2023 reported on allegations made by a former employee of Afiniti, Tatiana Spottiswoode to the United States Congress, about the company’s founder and CEO, Zia Chishti. Mr Chishti strongly disputes these allegations. Although Mr Chishti sought to do so, Congress did not give him the opportunity to refute the allegations.
Mr Chishti issued libel proceedings against the Telegraph as to one of the articles. The High Court determined that the article had alleged that “since being introduced to Ms Spottiswoode by her father when she was thirteen and Mr Chishti was an adult, Mr Chishti groomed Ms Spottiswoode with sexual intent. Mr Chishti further pursued her with inducements and threats, culminating in a brief sexual relationship when they were adults, which on his side was abusive and violent, and which she quickly terminated”.
On 17 March 2025 The Telegraph made a statement in open court that it withdraws its earlier position that the above allegations were true and that they were made in the public interest. The Telegraph apologises to Mr Chishti and his family for the harm they have been caused. Finally, The Telegraph has agreed to pay Mr Chishti a substantial sum by way of damages and a contribution to his legal costs.
With these steps, The Telegraph and Mr Chishti have agreed to end the litigation between them.
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