The tech startup sector in Pakistan has had a rough year 🌪️ with investment plunging 47% quarter-on-quarter and 68% year-on-year to $55.4m in Q3 2022 - the lowest level since Q1 2021
@bznotes @nighatdad @xParacha @ZahidLilani @rehanallahwala @kalsoom82 @aatif_awan 1/7
@bznotes @nighatdad @xParacha @ZahidLilani @rehanallahwala @kalsoom82 @aatif_awan 1/7
This is particularly concerning considering that 2021 saw record investment of $366m in the country and local startups raised over $174m in Q1 2022. 2/7
It's clear that the changing global macros 🌍 combined with Pakistan's economic crisis and the uncertain resumption of the International Monetary Fund programme 💰 have had a major impact on the sector. 3/7
The closure of Airlift, the most funded Pakistani startup, after its investors backed out, has also raised serious questions about the underlying governance at startups and investors' due diligence processes 🧐. 4/7
It's clear that the tech startup sector in Pakistan is facing significant challenges and there is a lot of work to be done if it is to thrive. 5/7
The heavy reliance on imported raw materials, lack of investment in research and development, and lack of innovation are just some of the issues that need to be addressed. 6/7
Read more on this link: dawn.com/news/1727163/2…
#techstartups #Pakistan #economiccrisis #venturecapital #investment #techindustry #techsector
@MiftahIsmail @hoflolz @razashaikh @AmanNasirX @AsifPeer6 @umarsaif @faisal_chowdhry @muneebmaayr @ali_moiz @monispk @yakhan 7/7
#techstartups #Pakistan #economiccrisis #venturecapital #investment #techindustry #techsector
@MiftahIsmail @hoflolz @razashaikh @AmanNasirX @AsifPeer6 @umarsaif @faisal_chowdhry @muneebmaayr @ali_moiz @monispk @yakhan 7/7
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