Pakistan Startup Fund launched by IT minister

Caretaker Minister for Information Technology Dr Umar Saif on Tuesday launched the Pakistan Startup Fund to catalyze investments in Pakistani startups.

Umar Said said Rs2 billion has been allocated to the Pakistan Startup Fund by the caretaker government to boost investment in Pakistani ventures.

The minister said the Pakistan Startup Fund will help the startups up to 30pc. He added that the Pakistan Startups Fund attracted foreign investment of $800 million in the last four years.

With PSF we hope to create a value of at least Rs 50 Billion per year in the startup ecosystem in Pakistan, he added.

Today we launched the Pakistan Startup Fund (PSF) which will invest up to Rs 2 Billion every year in Pakistani startups. The fund is structured as an equity-free capital to help close a VC round for a startup. PSF is designed to help a startup raise its first external investment.… pic.twitter.com/I0CGdZ9Js1

— Umar Saif (@umarsaif) January 9, 2024

Umar Saif further said currently, more than 4000 startups are working in Pakistan.

On Saturday, Caretaker Minister for Information Technology (IT) and Telecommunications Umar Saif announced good news for freelancers in Pakistan regarding PayPal payment gateway.

As per details, IT minister Dr Umar Said said that PayPal is ready to provide its services in Pakistan.

The international payments will be carried out in Pakistan through a third-party gateway by PayPal as they will establish their presence in Pakistan via a strategic partnership.