Gobi Partners Unveils $50 Million Tech Fund, Inks Deal With Bank Of Punjab

In a significant boost to Pakistan's startup ecosystem, Gobi Partners, a leading venture capital firm in Asia, announced the launch of its $50 million Techxila Fund II

SHANGHAI, (APP - UrduPoint / Pakistan Point News - 13th Dec, 2024) In a significant boost to Pakistan's startup ecosystem, Gobi Partners, a leading venture capital firm in Asia, announced the launch of its $50 million Techxila Fund II.

The unveiling took place on the sidelines of the Pakistan Punjab Investment Conference in Shanghai, part of Chief Minister of Punjab Maryam Nawaz Sharif's ongoing visit to China from December 8 to 15.

Techxila Fund II aims to catalyze entrepreneurship in Pakistan by focusing on high-potential sectors such as fintech, e-commerce, logistics, health technology, and SaaS. Gobi Partners, which manages $1.6 billion in assets across Asia, seeks to empower under-resourced entrepreneurs, encourage innovation, and drive sustainable growth in emerging markets, CEN reported on Friday.

The new fund builds on the success of Gobi's inaugural fund in Pakistan, which has invested in 22 startups. These companies have collectively served 3.2 million low-income households, generated $245 million in 2023 revenues, and disbursed $54 million in loans. Their portfolio includes PriceOye, now Pakistan's second-largest e-commerce platform, DealCart, a fast-growing social commerce venture, and Abhi, a financial platform offering advanced credit solutions to businesses and consumers.

In a related development, Gobi Partners signed a Memorandum of Understanding (MoU) with the Bank of Punjab (BoP) to strengthen support for Pakistani startups.

Under the agreement, BoP will provide preferential debt financing, equity investments in high-growth firms, and targeted financial products for startups. BoP will also gain priority access to Gobi's pipeline, enabling it to identify and support promising investments aligned with its strategic objectives.

Maryam Nawaz Sharif lauded these steps as pivotal for Pakistan's digital and tech sectors. The launch of this $50 million fund demonstrates Gobi's strong belief in our startup ecosystem. It will foster innovation, create jobs, and strengthen the digital backbone of our economy, she said.

The Chief Minister also proposed long-term strategies to maintain and deepen collaboration between Gobi Partners and the Punjab government.