Pak-Kuwait Investment Company pumps $3mn into Nadeem Hussain led Planet N
Summary
LAHORE: Pakistan Kuwait Investment Company (Private) Limited (PKIC) has made an Rs500 million (~$3 million) equity investment in Planet N (Private) Limited to support the growing startup ecosystem of Pakistan. This investment will not only help Planet N expand its operations, but it will also motivate other investors to explore opportunities to develop and strengthen tech entrepreneurship and disruption in the country,” read the statement. Planet N has invested in tech start-ups such as Tapmad TV, Dawaai.pk, PublishEx, Tez Financial Services, Datalift, PiePie, Kashat, JinglePay and others, spread across various geographies including Pakistan, the United Arab Emirates (UAE), Egypt, Singapore, and the United States (US). For PKIC, the key rationale behind this investment is that as a DFI, it is finding opportunities to support industries in various sectors. Nadeem further disclosed that the investment push by Planet N into startups is vigorous and the company has finalised more than half of the $10 million that they expect to raise.