Sai Venture Capital Pvt. has unveiled Pakistan’s first venture capital fund denominated in Pakistani Rupees in seven years, signaling a renewed focus on the local tech industry and startups, as reported by Bloomberg.
In the past year, Sai VC has strategically invested in enterprises serving developed markets and startups in the fields of health, agriculture, and education. Ahmed Uzair, a partner at AUC Law and an adviser to Sai, highlighted that this marks the inception of the first domestic VC fund since 2016.
Co-founder Ahsan Jamil revealed in an interview that Sai Venture Capital is seeking $10 million from local investors. The Lahore-based fund has already secured commitments amounting to 40 percent and obtained regulatory approval from the Securities and Exchange Commission of Pakistan last month.
According to data from Invest2Innovate, Pakistan’s startup sector has attracted just over $700 million since 2021, with a significant portion originating from foreign investments. During this period, the Pakistani Rupee experienced a notable depreciation of over 40 percent, prompting businesses to pursue robust growth strategies to yield returns in US dollars, as noted by Jamil.
Emphasizing the importance of local smart capital for ecosystem development, Jamil highlighted that, with a decline in foreign investments, having strong participation from local investors becomes crucial.
