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Pakistani startups on a roll as they rake in $120 million in first half of 2021 - Pakistan
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Pakistan feels India’s pain in this difficult hour Mehmal Sarfraz | | Published 30.04.21, 02:12 AM
Every Indian that I follow on Twitter has been tweeting about the Covid-19 crisis in recent weeks. All we can see on our timelines are tweets asking for oxygen supply, for information regarding hospital beds, retweeted messages for friends and strangers alike and much more all related to the pandemic. We saw the chilling report by BBC’s Yogita Limaye from Delhi in which we could feel the helplessness of coronavirus patients as well as of their families. Those visuals of people breathing their last breath or family members pleading to get hospital beds were extremely distressing. Another report showed how a Muslim cemetery in Delhi is running out of space; it is receiving 35-40 bodies every day as opposed to 8-10 bodies
Startups in the country raked in $66.24 million of capital across 50 deals in 2020. Reuters/File
Soon after the pandemic broke out, people from all around the world began calling it a Black Swan event and with good reason. Equities around the world saw a bloodbath. Our KSE-100 index lost over 12,000 points in less than three weeks during March.
All of this obviously pointed to the impending doom for investments tech and private markets included. Yet what followed was the exact opposite and, frankly, a little baffling to a sane mind. Venture funding continued unabated globally, along with a record year for initial public offerings (IPOs) since the dot-com bubble. The local technology sector too finally had its moment on the Pakistan Stock Exchange (PSX) while the startup ecosystem saw some big rounds taking place.