Pakistani startups raised $0 in Q1 2024
Note #050
It’s been really quiet on the Indus front. ZERO dealflow in Q1 2024.
The modest recovery in funding observed in Q4 2023 has all but dissipated. The well of venture capital that once hydrated the startup ecosystem is dry. The ecosystem is in limbo.
The acquisition of SadaPay in a firesale, Cheetay's closure, and Dastgyr and Bazaar's layoffs - bad news after bad news.
But there’s some good news.
Pakistan has a new Prime Minister who brings renewed hope for stability and clarity despite being the same old PM as before the Caretaker PM. His first order of business is to rescue the economy. And that journey starts with the 24th IMF bailout.
Also, I am adding a new section to this newsletter called Hopium. It will list links to fluff pieces about the startup ecosystem’s “potential” written by well-intentioned people high on optimism.
It is oddly satisfying among doom and gloom, and it deserves its own section.
My apologies if I seem crude. I find it frustrating. Since 2014, I've been following and documenting the ecosystem. As far as bad quarters go, Q1 2024 was the worst.
🎒 Resource
Tech & VC Landscape Pakistan 2023: A comprehensive report by Data Darbar.
📰 Learn
Islamabad plans five IT parks. And more IT parks. IT exports reached $2.0 billion, a 15% YoY increase. Pakistan plans to develop a ‘chip design cluster’ to enter the global semiconductor industry. OPay calls Finja a liar and denies all allegations over the EMI sale. Twitter ban is costing businesses. Update on Pakistani digital payments for Q2-FY24.
🧠 Think
The problem with Pakistan’s tech vision. A time of uncertainty for EMIs.
🦄 Hopium
Burn’s Road Nihari, Student Biryani, and Seekh Kebabs. Pakistan is Indonesia, just ten years behind.
🎙️ Listen
Conversation with Syed Azfar Hussain, Project Director at NIC Hyderabad.
📺 Watch
Why do Pakistani startups fail? Rabeel Warraich has some thoughts. Despite political swings, can Pakistan's IT sector thrive? Rabel Akhund's conversation with Muneeb Maayr, founder of the Bykea. Syed Azfar Hussain, Project Director at NIC Hyderabad.
Until next month, ✌️
thanks for the post, nice summary