Ignite’s startups increase to 568 with 39 graduated from NIC, Karachi

The number of Ignite’s startups has increased to 568 with 39 graduated from the National Incubation Center (NIC), Karachi on Friday.

The number of Ignite’s startups has increased to 568 with 39 graduated from the National Incubation Center (NIC), Karachi on Friday.

This was informed to Federal Secretary IT & Telecom Mohsin Mushtaq, who was the chief guest at the graduation ceremony held at NED University, Karachi, said a Ministry of Information Technology and Telecom news release.

Addressing the ceremony he said, “Investment in Pakistani startups grew by 5 times to $373 million last year due to the congenial investment atmosphere provided to young entrepreneurs through our National Incubation Centers Program”.

He also encouraged the graduating batch to explore new customers and investors and contribute to the development of the knowledge economy of the country.

Chief Executive Officer Ignite, Asim Shahryar Husain stated that they would launch five more incubation centers by next year. New acceleration and innovation funds would also be launched to boost the startup and innovation ecosystems of Pakistan, he added.

He said Pakistani startups had raised 268 million dollars in first half of 2022 and forecast by end of the year was more than half a billion dollars of investment in Pakistani startups.

He said the future looked bright for Pakistani startups as the country was expected to have a couple of unicorns (billion dollar startups) by 2025.

“Technology is an economic game-changer and social equalizer. National Incubation Center Karachi startups have generated nearly 100,000 jobs, and raised over PKR 4.5 billion in investments over the past four years,” said Atif Rais Khan, CEO LMKT.

The first prize was given to Health Solutions. Health Solutions is a handy application having the complete inventory of health services which can be delivered at the doorstep of the user.

The second prize was awarded to “Apna Tax” by Digital Tax Solutions. “Apna Tax” makes it easier for users to file tax returns with little or no tax knowledge.

The third prize was given to Porter Pakistan. Porter Pakistan is a local travel website that aims to empower the local community at various travel destinations in Pakistan by bringing them new business opportunities. They connect travelers with local traveling partners who give them a better overall traveling experience.

This news was originally published by Associated Press Pakistan.