Pakistani tech firm Systems Limited has been named to Forbes’ list of Asia’s Best Under A Billion Companies. This list identifies 200 publicly traded Asia-Pacific companies under $1 billion in revenue with consistent top-line and bottom-line growth. Systems Limited has been included in the esteemed list for the second time in a row, an official statement said on Tuesday.
The first gender-inclusive fintech company, Oraan, based in Pakistan has raised $3 million in seed funding, the largest received by a women-led business in Pakistan. The company has decided to expand to more financial services and become a digital bank. Asad Umar, minister of planning, development, and special initiatives applauded the initiative as well.
The online and mobile payment platform Alipay is planning to open its operations in Pakistan soon. Alipay, a business venture of Alibaba Group, and Pakistan’s government will collaborate on advancing e-commerce transactions in Pakistan. In Pakistan, many telecom operators offer mobile payment services to their subscribers, but there have been few international applications so the availability of portals has been low.
The world is full of lucrative money-making opportunities ranging from online gaming to the selling and reselling of products. However, what counts is how much money will one make? Working a 9 to 5 job is the most sought-after way as there’s always a paycheck to look forward to. But now working online makes money for millions every day.
Several Chinese companies are prepared to invest fifteen billion dollars in Pakistan’s petrochemicals industry. This was stated by Federal Secretary Board of Investment, Fareeha Mazhar while talking to APP in Islamabad on Sunday. China will invest in the petrochemical sector in Gwadar, including the energy pipeline from Gwadar to China, she said.
Pakistan-based BridgeLinx Technologies secured seed funding of $10 million, the largest round in the Pakistan seed sector. The round was led by Harry Stebbings’ 20 VC, Josh Buckley’s Buckley Ventures, and Indus Valley Capital. The funds will be used by BridgeLinx to “consolidate its position as a market leader by expanding into new verticals, segments, and lanes”
Toyota Indus Motor recently announced that it would begin producing hybrid electric vehicles in Pakistan soon. The company announced by a formal notification that it would invest $100 million in local production over the next three years. Toyota IMC is allocating funds for the upgrading of the local assembly plant at Port Qasim, Karachi.
System Limited became Pakistan’s first IT company to have a market capitalization of more than Rs.100 billion. According to PSX’s financial figures, the company’s net profit has increased from Rs 1.067 billion to Rs 1.514 billion. The company’s shares are currently trading at Rs. 740.93, which amounts to a market value of Rs. 102 billion.
Syed Fakhar Imam, Federal Minister for National Food Security and Research, says Cotton Cluster Villages will soon be introduced to promote the crop and ensure modern technology. Cotton is a highly profitable crop that creates jobs and strengthens the economy of the country. He revealed that one million bales generated Rs 97.5 billion.
Pakistani B2B marketplace Bazaar Technologies raises $30M in its largest series A round. The financing round was led by early-stage venture capital firms Wavemaker Partners and Defy Partners of Silicon Valley. The company has now received $38 million in funding, making it among the top venture-backed startups in the country.