Gobi Partners, a leading pan-Asian venture capital firm, has announced the launch of its $50 million Techxila Fund II in collaboration with the Bank of Punjab (BoP). This strategic partnership aims to supercharge Pakistan’s startup ecosystem by focusing on key sectors like fintech, e-commerce, health tech, logistics, and SaaS.
The announcement took place during the Pakistan Investment Conference in Shanghai, coinciding with Punjab Chief Minister Maryam Nawaz Sharif’s visit to China. The visit emphasized strengthening trade and investment ties in technology, healthcare, and environmental management.
A Boost for Pakistan’s Startup Scene
Techxila Fund II builds on the success of Gobi Partners’ initial Pakistan-focused fund, which has already made a significant impact. The first fund supported 22 startups, reaching 3.2 million low-income households and generating $245 million in revenue in 2023.
Notable portfolio companies include PriceOye, DealCart, and Abhi, which collectively issued $54 million in loans. With this new fund, Gobi Partners aims to empower more startups. It aims to fund projects that can drive innovation, create jobs, and strengthen the country’s digital economy.
Partnership with Bank of Punjab
The Memorandum of Understanding (MoU) with the Bank of Punjab is a game-changer for entrepreneurs. This collaboration offers startups access to:
- Debt Financing: Preferential financial support tailored to startup needs.
- Equity Investments: Strategic funding to scale ventures.
- Mentorship Programs: Guidance from industry experts.
- Financial Products: Customized solutions to fuel growth.
Additionally, BoP will gain early access to high-potential investment opportunities identified by Gobi Partners. In effect, ensuring a seamless synergy between venture capital and banking expertise.
Leaders Share Their Vision
At the launch, Punjab Chief Minister Maryam Nawaz Sharif expressed her optimism for Pakistan’s entrepreneurial future. “This $50 million fund is a testament to the resilience and potential of our startups. It will not only drive innovation but also create jobs and enhance our technological landscape,” she said.
She further proposed establishing a permanent framework for collaboration between Gobi Partners and the Punjab Government to ensure long-term growth.
Thomas G. Tsao, Chairman of Gobi Partners, highlighted the importance of the initiative, stating, “Our partnership with BoP reflects a shared commitment to innovation and sustainability. Together, we aim to build a thriving entrepreneurial ecosystem in Pakistan.”
Zafar Masud, President and CEO of BoP, added, “This collaboration is a vital step toward unlocking new opportunities for growth and innovation in Pakistan’s startup landscape.”
A Global Perspective on Local Growth
Gobi Partners has a proven track record of supporting startups in emerging markets, managing $1.6 billion in assets globally and backing over 380 startups. Moreover, the launch of Techxila Fund II underscores their dedication to fostering sustainable economic opportunities in underserved regions like Pakistan.
By combining Gobi’s global expertise with BoP’s local influence, this initiative is set to propel Pakistan’s entrepreneurial ecosystem into a new era of innovation and growth.
