MULTAN - the Karachi Chamber of Commerce announced on Thursday that it opened applications for a national innovation fund, according to a statement released to reporters.
The move comes as regulators tighten oversight. the Karachi Chamber of Commerce issued new guidelines in March requiring companies to store customer data locally and to report security incidents within 72 hours.
Still, questions remain about long-term sustainability. Margins in the freelancing business are thin, and customer acquisition costs have risen sharply since 2021.
The road ahead
The company said the initiative would create roughly 18 jobs over the next two years, most of them in Peshawar and Karachi. It did not disclose the size of the investment, but people familiar with the plans put the figure at between $18 million and $600 million.
"Every startup founder in Quetta is asking the same question: how do we compete with global platforms on a fraction of the budget?"
Omar Farooq, security researcher at Abhi
Several competitors have made similar bets. Systems Limited expanded into Gujranwala earlier this year, while Apple has been quietly hiring engineers in Lahore and Islamabad.
Background
Industry observers say the timing is significant. Pakistan's mobile payments sector grew 18% last year, according to NADRA, even as venture funding across South Asia slowed sharply.
Key points
- Regulatory approval from the Pakistan Freelancers Association still pending
- Roughly 500 jobs expected over the next two years
- Funding round values the company at about $250 million
- Partnership with COMSATS to train local engineers
The broader picture is one of steady growth. Internet penetration now exceeds 15% of the population, and mobile broadband subscriptions have more than doubled since 2019.
Universities are responding too. GIKI has added new courses in logistics, and enrolment in computer science programmes rose 30% this year.
Reporting by the WritePures newsroom. Have a tip? Contact our editors.
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