In a press release issued to the media, Pakistan Kuwait Investment Company (Private) Limited (PKIC) has announced that it is making an equity investment of PKR 500 million in Planet N (Private) Limited, marking the highest ever equity investment by a local Financial Institution in a Tech Investment Platform in Pakistan. The investment will help Planet N expand its operations and motivate other investors to explore opportunities to develop and strengthen tech entrepreneurship and disruption in the country.
Established as a joint venture between the Governments of Pakistan and Kuwait in 1979, PKIC is a “AAA” (Triple-A) rated financial institution with assets valued over PKR 107 billion and equity of over PKR 38 billion. It is Pakistan’s leading DFI engaged in investment and development financing activities in the country.
Planet N was founded by Mr Nadeem Hussain, the founder and ex-CEO of Telenor (previously Tameer) Microfinance Bank, in 2016, with a vision to invest in growth-oriented hi-tech companies. Mr Hussain is.
Currently, Planet N has 30 companies on its portfolio including, Tapmad TV, Dawaai.pk, PublishEx, Tez Financial Services, Datalift, PiePie, Kashat, JinglePay, etc., with its portfolio expected to grow further after the equity investment by PKIC.
CEO Planet N Mr Nadeem Hussain stated that he hopes that having PKIC as an equity partner will initiate a big disruption in the local- investors- horizon and their approach towards tech-based investments.