Pak-Kuwait Investment company makes equity investment in Planet N!
Karachi – Pakistan Kuwait Investment Company (Private) Limited (PKIC) announces that it is making an equity investment of Rs500m in Planet N (Private) Limited. This is the largest equity investment by a local Financial Institution in a Tech Investment Platform in Pakistan. It was approved by the Board of PKIC in December, 2020. 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. With total assets of over Rs107b and equity of over Rs38b, PKIC is Pakistan’s leading DFI engaged in investment and development financing activities in the country.
PKIC was established as a joint venture between the Governments of Pakistan and Kuwait in 1979. It is a “AAA” (Triple A) rated financial institution.
Planet N has invested and nurtured tech start-ups such as Tapmad TV, Dawaai.pk, PublishEx, Tez Financial Services, Datalift, PiePie, Kashat, JinglePay, etc. spread across various jurisdictions including Pakistan, UAE, Egypt, Singapore and USA. It currently has more than 30 companies in its portfolio focusing on financial inclusion, fintech, digital media, data science & AI. This portfolio is expected to grow further after the equity investment by PKIC.
Planet N was founded by Nadeem Hussain in 2016; with a vision to invest in growth oriented hi-tech companies.