Pakistan-based Adtech raised $ 2.1 million in a pre-seed funding round led by Indus Valley Capital.
The funding round saw the participation of Alter Global, Fatima Gobi Ventures and several angel investors from Pakistan, the Middle East and Europe.
According to a press statement, the new funds will be used to increase recruitment in the company, build a stack of its technology and create educational materials.
Founded by Taha Ahmed, a consultant at US-based LEK Consulting, and Roshan Aziz, an associate of BNP Paribas, Maksad provides a one-stop shop for post-school educational materials in a mix of English and Urdu so that it reaches a wider audience. Children going to school. The platform also provides quizzes and other powerful features for students.
Maqsad said he would focus on K-12 education in Pakistan, including 11th and 12th maths, with plans to expand to other STEM subjects for the next one to two years.
Speaking about the company, Roshan Aziz, co-founder of Maksad, said in a statement,
“We believe that everyone has a goal. The goal of Maksad is to enable Pakistani students to achieve this goal; whether you are a student in an urban center like Lahore or in a remote village in Sindh: Maksad believes in equal opportunity for all. With reassuring initial traction and user feedback, the size of the opportunity to digitize the education sector became very clear. “
According to Aziz, the size of the education market in Pakistan is $ 12 billion and is projected to grow to $ 30 billion by 2030.
Taqa Ahmed, co-founder of Maqsad, said, “This is more than students passing exams. We want to start a revolution in the way Pakistani students learn, go beyond rot memorization and go to the real understanding.”
The company plans to build hybrid centers offering online and offline courses like Baiju and Akash, and to expand classes for adults such as masterclasses, US-based online classes for adults, as a long-term plan.
Atif Awan, founder and managing partner of Indus Valley Capital, said on the investment,
“Since the inception of the Indus Valley, we have been thinking of investing in startup transforming education in Pakistan.
Maksad said it will launch its mobile app in the fourth quarter of 2021 and the company is currently keeping a waiting list for early access.
The latest funding has been raised amid growing investment for startups in Pakistan in areas such as e-commerce, logistics, fintech, hetech and adtech. So far, 37 Pakistani startups have raised निधी 228 million this year, up from $ 77 million in 2020.
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