News Update Times

 The deal expands VEON’s investment in Pakistan’s digital economy at a time when tech startups are facing rising inflation and a global recession. 

Lahore (Muhammad Yasir)  VEON Ltd. (NASDAQ: VEON, Euronext Amsterdam: VEON), a global digital operator that provides mobile connectivity and services, announces today that the Group’s VEON Ventures division has completed a US$ 15 million Series A investment in Dastgyr, a Pakistan-based B2B e-commerce marketplace platform.

The deal is VEON Ventures’ largest investment in a Pakistani start-up and reflects the Group’s continued commitment to the region and growth of the digital economy of Pakistan. The investment positions Dastgyr to take advantage of VEON’s global expertise and its operating company, Jazz’s distribution network and digital payment solutions via JazzCash.

“Pakistan’s start-up ecosystem is at a critical juncture and only startups focused on addressing key challenges and adopting localized solutions will survive and thrive,” added Aamir Ibrahim, CEO of Jazz. “This investment highlights VEON’s commitment to scaling up Pakistan’s digital economy and provides Dastgyr with a platform to build synergies with Jazz’s subscriber base of around 75 million and with JazzCash, further integrating the startup into Pakistan’s fintech ecosystem.”

“As part of VEON’s transformation into a digital operator that delivers a growing range of services to our customers we are investing in leading digital companies like Dastagyr in the countries where we operate. These investments are the building blocks of the digital ecosystem that will enable us to deliver on our strategy,” said Mohd Khairil Abdullah, CEO of VEON Ventures.

“Pakistan, with its rapidly growing digital sector, is a key market for VEON. By bringing together Dagstyr’s e-commerce business with Jazz’s communications network and JazzCash’s mobile payments platform, we will catalyse the growth in digital services in Pakistan. This would be further enhanced by the digital banking services that we have ambitions to provide.”

Dastgyr offers businesses a one-stop-shop application that connects thousands of retailers with suppliers to give them access to real-time visibility on pricing and financing rates.

“We are thrilled to achieve this milestone in the current global economic environment,” said Zohaib Ali, co-founder of Dastgyr. “We welcome the new investors to the Dastgyr family as we continue to work relentlessly toward our vision of building an AliBaba for emerging markets worldwide. We’re lucky to have found strategic partners who believe in our mission and have displayed unwavering faith in our team.

“Financial inclusion, which is central to the startup’s mission, will uplift and enable Pakistan’s small- and medium-sized retail entrepreneurs and unlock up to an additional US$ 10 billion for the country’s GDP, according to our estimates.”

Dastgyr will remain an independent entity, with a minority position being taken by VEON Ventures. The new investment will support Dastgyr’s expansion into 15 new regions of Pakistan, alongside its existing network in Karachi, Lahore, Sheikhupura and Gujranwala.

VEON Ventures’ investment  in Dastgyr Series A funding was made alongside Zinal Growth Partners , DEG, Khwarizmi Ventures, Oman Technology Fund, Cedar Mundi Ventures, Reflect Ventures, Century Oak Capital, Haitou Global, GoingVC, Astir Ventures, K3 Ventures, Chandaria Capital, along with the founders of Property Finder, Ayoconnect, Quiqup and senior management from DoorDash.

Lahore (Muhammad Yasir) In pursuance of its constant efforts to enhance customer experience with its offerings, foodpanda, the country’s leading food delivery platform has introduced an interactive session within the ‘Shops’ tab, titled ‘pandaPlay’. 

‘pandaPlay’ is a step towards rewarding users for making purchases within the app and can be accessed by visiting the ‘Shops’ tab on foodpanda. 

Under pandaPlay, users can enter a lucky draw through the purchase of tokens valued at PKR 1, 2 and 3 respectively. The prize on PKR 1 token is a MEME gift hamper worth PKR 5,000. With the PKR 2 voucher, users can enter the raffle to win a PKR 7,000 Furor gift basket while the PKR 3 token allows them to win a gift basket valued at PKR 10,000 from Edenrobe. 

Each purchase qualifies customers for a chance to win either of these gift baskets. The larger the token, the greater the prize! Similarly, the more tokens people buy, the better their chances of winning. Users paying digitally through their foodpanda wallets or credit/debit cards are eligible to enter the raffle. 

A total of 9 winners from Karachi, Lahore and Islamabad will be selected on the 26^th of June while the prizes will be dispatched after confirmation of relevant details from the lucky participants. ‘pandaPlay’ is open for entries until the 15^th of June and customers have the chance to make as many purchases as they like, meanwhile increasing their chances of grabbing a prize basket.

Mobilink Microfinance Bank & CARE International in Pakistan collaborate to promote entrepreneurial ventures with access to digital financial solutions including capacity development.

Lahore (Muhammad Yasir) To bolster the mission of promoting financial inclusion across the nation through innovative digital financial solutions, Mobilink Microfinance Bank Limited (MMBL), Pakistan’s largest digital bank is collaborating with CARE International in Pakistan (CIP). The collaboration is powered by CARE’s Ignite project, funded by the Mastercard Center for Inclusive Growth, enabling financial and technological access for entrepreneurs, especially females. The Ignite project is part of a global collaboration between CARE and the Center for Inclusive Growth, Mastercard’s social impact arm.

On the occasion, Ms. Romina Khurshid Alam, Special Advisor to the Prime Minister praised the collective efforts of both CARE International and MMBL towards fostering a synergistic approach to enhance the financial inclusion of women entrepreneurs in Pakistan. Moreover, she indicated that women’s economic empowerment is a key priority area for the government and encouraged the promotion of similar initiatives to reach the underbanked segments of the population, especially women. She added that such projects continue to lend unwavering support for women’s long-term financial development and the nation’s economic growth.

Through this strategic partnership, MMBL and CARE aim to accelerate the financial inclusion of more than 12,000 entrepreneurs, especially females who have been running their businesses for at least two years and have employed a minimum of 2-10 staff members. Enhancing access to credit and subsidized loan products helps scale their operations considerably. In addition, the collaboration will also support the capacity building and mentoring of these budding entrepreneurs with a focus on the use of digital technologies. With the power of technology and telecommunication connectivity, female entrepreneurs attending the event were given mobile phones, to facilitate convenient and secure access to premium digital financial services and hybrid lending solutions to help scale their businesses.

Addressing the audience at the event, Ghazanfar Azzam, President & CEO of MMBL said, “There are about 100 million unbanked people in Pakistan, and at least 82% of them are women. Women, in particular, lack access to formal digital financial services, making it difficult for them to participate in economic activity. MMBL, through this strategic partnership with CARE, is focused on training female entrepreneurs across the country to upskill their technical and professional skillsets, thereby reducing poverty and boosting prosperity by financially empowering them. This strategic partnership will play a critical role in promoting financial inclusion across the country and further the common goal of closing the gender gap in the financial sphere.”

Speaking at the launch, the Country Director of CARE International in Pakistan, Adil Sheraz said: “With women constituting nearly 50% of Pakistan’s population, gender equality in all its interventions is a key focus area for CARE. Through this collaboration with MMBL, we seek to facilitate the much-needed access to finance and capacity building for growth-oriented entrepreneurs, especially women. This collaboration with MMBL is part of CARE’s focus on synergistic efforts to enhance financial inclusion in the country, especially for women.”

Lisa Richman, Eastern Europe, Middle East and Africa Director for the Mastercard Center for Inclusive Growth, said: “At Mastercard, we believe that financial inclusion is the path to a prosperous future for all. We are committed to supporting entrepreneurs in their digital transformation journey and through the Center for Inclusive Growth, we will continue to provide entrepreneurs, especially women, with the financial tools, training, know-how, resources, and technologies they need to connect with the digital economy to drive further growth and become more resilient. We are proud to build on our longstanding global partnership with CARE as we mark the next chapter in our journey in Pakistan.”

 

 

Lahore (Muhammad Yasir) METRO, the leading international wholesale company, in line with its vision of ‘Clean & Green Pakistan’, held a tree plantation drive at its Head Office in Lahore, in collaboration with the Punjab Forest Department (Extension Wing). The event was part of the activities to commemorate the “World Environment Day”, attended by the senior management of METRO, along with the participating employees and customers. More than 200 tree saplings have been planted at METRO Canal Bank Store under this initiative.

Sharing his thoughts, Mr. M. Thiru, Head of Store Operations, METRO Pakistan said. “METRO being a socially responsible organization realizes the importance of environment for the well-being of all and has been always at the forefront in the areas of environmental stability and sustainability. Be it the cleaning drives, or reducing the Co2 emissions, we have always adopted the best practices.”

METRO is one of the first big organisations to install solar panels at all its stores and has helped reduce the carbon footprint and with this plantation drive, it is playing its part in a Cleaner and Greener Pakistan.

METRO Group has presence across Pakistan and is operating 10 stores across the country, namely in: Karachi, Multan, Lahore, Faisalabad, and Islamabad.

Denim International Gases signs contract with DOW University of Health Sciences (DUHS) for supply of Medical Gases.

Karachi (Muhammad Yasir) Denim International Gases, a leading manufacturer of International Standard Industrial and Medical gases, has signed a tender contract with DOW University of Health Sciences (DUHS), DOW International Dental College Hospital and Sindh Infectious Diseases Hospital & Research Centre in May 2022 for supply of Liquid and Compressed Medical Gases.

Denim International Gases, is an ISO certified manufacturer of medical and industrial gases situated in Port Qasim, Karachi. Supplying high quality gases to various sectors of the country since 2013. The company has a highly qualified and experienced team with over 40 years of gases manufacturing experience.

COO Engr. Nazir Ahmed of Denim International Gases states “This is a great achievement as our plant offers the purest form of oxygen at 99.999% purity in Pakistan for hospitals and we foresee to continuously invest in technologies to ensure a safe and stable Pakistan. Our supply to Dow is a testament to our focus on sustainable growth in the medical gases sector as a duty to our Nation.”

Denim International Gases was one of the key players in supply of medical gases to various hospitals during the peak months of the Covid-19 pandemic.

HMD Global, the home of Nokia phones, has produced over one million locally assembled handsets in Pakistan

Lahore (Muhammad Yasir) HMD Global, the home of Nokia phones, has achieved the milestone of producing over one million locally assembled mobile phones in Pakistan in just 6 months after setting up the assembly unit in the country.

The company has partnered with Techno Pak Electronics (Private) Limited last year in setting up the assembly plant of Nokia phones in Pakistan which has invested an amount of $2 million in its factory & related channels in 2021 which generated over 500 skilled jobs so far.

Arif Shafique, Country Manager Pakistan HMD Global, the home of Nokia phones, said, “Nokia Phones continue to be a favourite product among different ages of mobile phone users in Pakistan for the past many years. The demand for our handsets has been evident in the local market with the production of over one million units in a very short span of time.”

The plant capacity is to produce over half a million mobile phones per month and our aim is to assemble the complete range of Nokia phones from Pakistan. HMD Global has made a significant contribution to the economy through the transfer of technology to the local level, tax revenues to the national kitty, saving of foreign exchange and most importantly creating more local jobs.

“Opening the facility in Pakistan is not only an important business decision for us, but also a historic initiative as we continue to expand our global footprint with it. We aim to scale up our productions every month so that we will be able to meet the demand of our Pakistani consumers,” Shafique added. 

He expressed his hope that local authorities and regulators will continue to extend their full support to the industry for doing business and making investments in Pakistan.

The assembly plant of Nokia phones in Korangi, Karachi reached completion in December 2021. The unit produces various designs of mobile handsets with cutting-edge hardware tools, signature durability and user-friendly operating software.

Pakistan has an enduring association with Nokia mobile phones, which has translated into strong brand affinity. With Pakistan’s mobile phone penetration at 193 million and the mobile industry’s contribution to Pakistan is expected to reach USD 24 billion in 2023.

HMD reached the Top 5 position in more than 41 (up from 35 countries in 2020) countries around the world, measured by the combined mobile phone market volume market share in 2021 including Pakistan. Source: IDC Mobile Phone Tracker 2021.

Karachi (Muhammad Yasir) In light of World Oceans Day, TPL Corp collaborated with Daraz Pakistan for a Clean Up Drive at Clifton Beach.

TPL Corp’s collaboration for such a cause was encouraged by the commitment to collect and reduce the amount of waste that ends up in landfills. The initiative aimed to make waves by bringing together TPL employees from various companies to become an agent of change for the betterment of the planet.

Speaking on the occasion, Head of Marketing – TPL Corp, Anoshia Majeed said, “Clifton Beach sees a high influx of picnickers and beachgoers daily. These visitors tend to leave behind trash and plastic waste that pollutes the marine ecosystem. We at TPL Corp, are proud to take ownership of our environment and subsequently inspire others to follow suit”.

TPL Corp has always upheld the importance of promoting positive environmental practices in line with the United Nations’ Sustainable Development Goals (UNSDGs). Staying true to its commitment, Group Head CSR, Mr. Sitvat Jamal commented, “Our responsibility towards society has been the driving force behind our numerous sustainability initiatives. Apart from climate action, we encourage gender equality and good health and wellbeing for our employees”.

Islamabad (Muhammad Yasir) In order to achieve the Sustainable Development Goals (SDGs), representatives of civil society at a consultation session
have called for accelerated efforts to meet these goals within the
stipulated timeframe as it would ensure sustainable progress.

They highlighted and discussed the bottlenecks, lacunas and challenges
in the budgets, policies and strategies towards achieving the SDGs.

Purpose of the consultation, organized jointly by Awaz CDS and UGOOD
in Islamabad, was to review the progress on government’s official
Voluntary National Review (VNR) through Peoples Scorecard and collect
input from the civil society organizations on the subject.

The event was part of the series of consultations which will be
organized countrywide to gather information from informed civil
society about the government’s performance on achieving the SDGs.

Around 35 members from civil society organizations (CSOs) participated
in the consultation, mostly from organizations led by women, youth,
transgender, people living with disabilities and minority groups. The
consultation was supported by Sightsavers Pakistan, VSO and A4SD.

In his opening remarks, CEO UGOOD Syed Ishtiaq Gilani appreciated the
participants for attending the consultation and hoped their valuable
findings would help in shaping the accurate data base on SDGs.

Participating in the consultations, Country Director Sightsavers
Munazza Gillani praised Awaz CDS-PDA and UGOOD for arranging such an
inclusive event representing all, PLWDs, trans genders, youth and men
and women.

She shared Sightsavers’ initiatives and collaborations with both CSOs
and government to make the entire SDGs process inclusive. She
emphasized on inclusion as well as availability of PLWDs disaggregated
data for all goals.

Chief Executive Awaz CDS Pakistan Zia ur Rehman gave a detailed
orientation about the event’s objectives and deliberations. He
informed the participants about AwazCDS and Pakistan Development
Alliance (PDA), on behalf of civil society, are in the process of
developing a spotlight report on SDGs parallel to government’s
official VNR report which it intends to present in the UN.

Similarly, the spotlight report which will be developed through
gathering information from people and depicting real, on ground
situation with regard to performance and progress of Pakistan on SDGs
at the same forum, he said.

Zia ur Rehman also apprised the audience that the process of data
collection was a two-pronged activity, an online survey which has been
uploaded on PDA website and a series of consultations in provincial
capitals and regions i.e. AJK and GB.

He shared that AwazCDS is engaging with civil society through people’s
scorecard to reach out to informed citizens who are unable to
contribute to national or official VNR report process. The spotlight
report will collect voices of citizens to achieving SDGs whereas the
official process relies on secondary data.

He expressed concern over the delay by the government in making the
VNR public and called for speedy completion of this process.

He gave a quick rundown of the online survey and the indicators which
would be used to assess specific goals CSOs are working on. He shared
the link and urged the audience to fill up the online survey as well.

An hour-long group work was also conducted where findings, views and
assessment of the discussants were presented. Overall they depicted
dismal picture of performance of the government on SDGs they are
working on. The information gathered in this consultation will be
combined with the findings of planned consultations and consolidated
spotlight report will be developed.