Pakistan’s startups saw a record-breaking year of fund-raising in 2021. Momentum was carried over in 2022 as well, but came in tandem with announcements of layoffs and shutdowns.
Commentators were quick to write off Pakistan’s companies, but many also believe the contrasting developments are normal for an economy still discovering its footing.
Dubai-based founder of 3 startups says VC ecosystem in Pakistan will find its footing
Among the latter group is Ali Samir Oosman, managing director at entrepreneurial growth-focused firm Endeavor Pakistan, who recently told Business Recorder that rather than focusing on creating the nation’s first unicorn, the country’s tech ecosystem needed to produce quality companies where founders make a successful exit with an amount of $15-100 million following acquisition.
Oosman’s firm identifies and works with high-growth entrepreneurs, helps them through the process by providing mentoring and guidance, while supporting their fund raising process and/or investing (up to $2 million) itself.
It takes a lot to get a startup off the ground, but certain factors help
“If we can create the right conditions to scale companies in Pakistan and start seeing mergers and acquisitions in the startup space, it will result in a massive multiplier effect,” Oosman said in an exclusive interview.
“Exits of founders with around $100 million will restore confidence of investors in Pakistan’s startup ecosystem,” he said.
According to him, the first big win in...
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