Transcelestial, the Singapore-based company building the future of Superfast Global Internet Distribution, on Friday, (Feb. 19) announced it has closed a strategic investment of US$2 million from Kickstart Ventures.
The company, recognized for its Most Disruptive Technology, is expected to boost internet penetration in the country and provide telcos and Internet Service Providers (ISPs) with an affordable option for 5G deployment.
The Transcelestial investment was the first publicly announced infusion by Kickstart Ventures from its USD 180 million ACTIVE Fund backed by Ayala Corporation, with several subsidiaries participating – AC Energy, AC Industrials, AC Ventures, BPI, and Kickstart’s parent company, Globe Telecom.
87% of Pakistanis Have Internet Access: PTA
The Pakistan Telecommunication Authority (PTA) has claimed that Internet services are available to 87 percent of the population in Pakistan at the lowest rates in the region.
The demand for Internet services grew immensely in Pakistan during the lockdown in 2020 due to increased use of social media and communications applications, video streaming, and online sessions. However, the quality of the services remains comprised and has been termed as ‘poor’ in many areas by users.
Reportedly, a supportive regulatory environment, effective competition, the presence of innovative international telecom operators, and the continued resolve of the regulator to harness advanced technologies has resulted in widespread availability of Internet services to over 87 percent of the population at one of the lowest rates in the region; and mobile data prices have declined by only 0.70 percent of the Gross National Income (GNI) per capita, which is well