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Profitable Investment Group Ltd – Part of Planet N’s massive $10 million PKIC investment round to invest in existing portfolio startups and new startups

Lahore: Pakistan Kuwait Investment Company (Private) Limited (PKIC) has made an equity investment of Rs 500 million (approximately USD 3 million) in Planet N (Private) Limited to support Pakistan’s growing startup ecosystem.

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This investment is part of Planet N’s larger $10 million round that will be completed soon to support existing portfolio companies and invest in new startups.

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The investment in PKIC will be the largest equity investment by a local financial institution in Pakistan’s technology investment platform, according to a statement it received. “This investment was approved by PKIC’s Board of Directors in December 2020. This investment will not only help Planet N expand its business, but also help other investors grow their technology businesses. , will look for opportunities to strengthen and promote the destruction of the country. Read the statement.

With total assets of over INR 107 billion and capital of over INR 38 billion, PKIC is Pakistan’s leading Development Finance Institution (DFI) engaged in investment and development finance activities in Pakistan. PKIC was established in 1979 as a 50:50 joint venture between the governments of Pakistan and Kuwait.

Meanwhile, Planet N was founded in 2016 by Nadeem Hussain, a fintech veteran from Pakistan. Planet N has invested in tech startups like Tapmad TV, Dawaai.pk, PublishEx, Tez Financial Services, Datalift, PiePie, Kashat, JinglePay and has invested in Pakistan, UAE, Egypt and more. Spread over different regions. , Singapore and the United States of America (US).

Planet N’s current portfolio includes more than 30 companies focused on financial inclusion, financial technology (fintech), digital media, data science and AI.

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For PKIC, the main reason for this investment is that as a DFI we see opportunities to support industries in various sectors. And post-corona, the tech sector has seen a boom like no other, rocking big investments in startups.

“As a development finance institution, PKIC supports project finance, infrastructure development and priority areas of the economy,” said Umair Aijaz, Head of Corporate Finance and Investment Banking at PKIC.

“Currently, technology is a priority sector of the economy and our investment has been made to support this sector. PKIC has previously made strategic capital investments, such as Meezan Bank. In addition, we are now strategically investing in Planet N,” he adds.

Investing in Planet N was a unique opportunity due to the nature of the platform, according to PKIC officials. Planet N knows the technology sector inside out and has invested in over 30 companies in the sector.

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This is also why PKIC didn’t simply go out into the tech world and invest $3 million directly into startups. “Technology is a highly specialized field. As an institution, we need to look at the commercial viability of investing directly in startups. These can be huge risks,” says Umair.

“So investing in Planet N spread the risk and investing in the platform allowed us to support a large number of startups in the Planet N portfolio at the same time,” adds Umair.

This is PKIC’s first investment of its kind, but not necessarily the last. As a DFI, PKIC was the first company to make a significant investment in Pakistan’s startup ecosystem, and if more opportunities are deemed feasible, Pakistan Kuwait Investment Company will not say no. believes that the world of technology is fascinating enough. in addition. It all depends on PKIC’s return on its investment.

“The technology sector typically provides returns of 7-10x. Our expectations are in a similar range over the medium to long term, i.e. 7 to 10 years,” Umair said.

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According to Nadeem Hussain, chairman and CEO of Planet N, the $3 million from PKIC, with an additional $7 million to be finalized and announced over the next three months, will be allocated to three purposes.

“The first are existing companies that have made an initial investment and de-risked them. And we plan to use the funds raised to maintain our position,” said Nadeem.

Second, there are several companies that have been considered for investment by Planet N, but their investment has been put on hold pending funding. “We take the time to evaluate companies and do due diligence and start funding these companies right away,” adds Nadeem.

Third, there are new ideas that entrepreneurs are considering and new companies that are starting and needing new investment.

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“There are seven main sectors for startups. Fintech is the biggest, followed by Medtech (medical technology), Edtech (educational technology), Agritech (agritech), Infotainment, Kiriyana Ecosystem and Big Data and AI. We are not in e-commerce or last mile right now , but we are not limited either. There may be great opportunities on the way and we will invest in them,” adds Nadeem.

Nadeem also revealed that Planet N’s investment push for startups has been brisk, with more than half of the $10 million the company plans to raise. “Another investment is also at a very advanced stage and we expect to announce it within the next two weeks.”

PKIC is the first DFI to make such an investment, but with one of Planet N’s portfolio companies successfully exiting and providing healthy returns to investors, more companies could jump on the bandwagon. Details regarding the termination are confidential until an official announcement is made by the company.

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