Pakistan Seeks Investment Partner for its Rs 6 Billion Startup Funding Initiative
The official said, In the later years, the ministry will keep contributing Rs500 million/year or more. Whereas, the investment partners would keep matching at least the annual grant funding, until the end of the programme. See Also: Over 11.5m Pakistanis to Get 4G Connectivity from Joint Jazz-USF Efforts Prime Minister Imran Khan, last month announced establishing the PTSF, allowing tax exemptions. He further announced the 100% foreign exchange retention for IT companies and freelancers registered with Pakistan Software Export Board (PSEB). The PTSF will be led and managed by the investment partner, which may create a Special Purpose Vehicle (SPV) or an alternate mechanism for operations and management of this funding programme through a dedicated bank account. The committed funds from the government and the contribution by the investment partner would be parked and managed. As per further details, in the initial year, they can invest in 30 to 50 startups. The proposed investment limits per startup would be a minimum of Rs10 million. However, the maximum investment limit is up to Rs50 million per startup.
“The investment partner will have the right to take equity in the startups, not exceeding 20% in any selected startup.”
Source: Bol News
