Pakistani edtech platform Maqsad raises $2.8 million in seed funding to develop AI initiatives 

The undated photo shows Taha Ahmed (L) and Rooshan Aziz, co-founders of edtech company 'Maqsad' standing before the logo of their app Maqsad, in Karachi, Pakistan. (Photo courtesy: Maqsad)
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Updated 16 March 2023
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Pakistani edtech platform Maqsad raises $2.8 million in seed funding to develop AI initiatives 

  • Maqsad aims to make education accessible for 100 million Pakistani students via an end-to-end learning mobile platform
  • Maqsad’s new funds will be used primarily to expand the subject offering and supercharge the tech behind the platform

KARACHI: A Pakistani edtech company has raised $2.8 million in a seed funding round led by Speedinvest, one of the largest European venture capital funds, and Indus Valley Capital, the startup announced on Thursday. 

Founded by childhood friends Taha Ahmed and Rooshan Aziz in 2021, the edtech company Maqsad, which translates to ‘purpose’ in the Urdu language, aims to make education accessible for 100 million Pakistani students via an end-to-end learning mobile platform that provides teaching, testing, and query resolution for grades 9 to 12.

The capital from this funding round, which brings Maqsad’s all-time capital raised to $4.9 million and positions the company as Pakistan’s best-funded ed-tech firm, will be used primarily to expand the subject offering and supercharge the tech behind the platform.

With the latest funding round, Pakistani startups have raised $11.5 million in 2023. 

“We are going to work on Artificial Intelligence (AI) based initiatives that will be launched soon by utilizing the funding,” Rooshan Aziz, the co-founder of the startup, told Arab News. “It is good news coming out of Pakistan in the current situation.” 




The photo shows designs for user interface of cell phone application of the Edtech platform Maqsad. (Photo courtesy: maqsad.io)

The oversubscribed round also had participation from Stellar Capital, Alter Global, Johann Jenson (SVP Product at GoStudent), and other strategic angels, the startup said.

While currently a purely business-to-customer (B2C) platform, Maqsad’s long-term vision is to embed itself across the education ecosystem. The company has already received interest from private and public sector institutions for potential partnerships, the founder said.

 “In the last six months, the Maqsad app has been downloaded over a million times, answered 4 million student queries, and has consistently ranked as the #1 education app in Pakistan on the Google Play Store,” Aziz said.

Pakistan also has one of the highest student-teacher ratios in the world, with only one teacher for every 44 students. Maqsad’s query-solving technology (“DoubtSolve”) and interactive testing resolve a key problem for students who lack ready access to quality instructors. 

“We recently enhanced our assessment feature, which allows students to confidently self-evaluate, and witnessed consistent 150 percent+ month-on-month growth in questions attempted,” Aziz said. 

Education presents a substantial opportunity in Pakistan, with a forecasted annual spend of $37 billion by 2032. A quarter of this goes toward after-school academic support that is often expensive and difficult to access, according to the startup.

“Maqsad offers an exceptional learning experience for students at a fraction of the cost,” said Taha Ahmed. “Our focus on student problems is at the core of our mission, and we’ve collected feedback from over 20,000 students and teachers across Pakistan to ensure learning outcomes are being achieved.”

The lead fund, Speedinvest, with more than €1 billion to invest in pre-seed, seed, and early-stage tech startups globally, has six unicorns including an ed-tech in their portfolio. The investor said they see huge potential in Pakistani startups.

“We invested in Maqsad because we see potential for it to touch the lives of millions of students and disrupt the education ecosystem,” Philip Specht, partner at Speedinvest, said in a statement. 

“We are incredibly impressed by Rooshan and Taha as team builders and believe Maqsad is on track to be one of the most successful businesses in Pakistan.”

Indus Valley Capital’s founder Aatif Awan said his firm first invested in Maqsad 18 months ago before the startup had a product or a team.

“We were compelled by the vision Rooshan and Taha had for education in Pakistan, Awan said.

“Investing again in Maqsad is a no-brainer as we have seen them bring together one of the best startup teams in Pakistan to build a category-leading product that has helped over a million students..

The other major startup funding deals in 2023 included $7.5 million raised by AdalFi, a Lahore-based digital lending infrastructure provider, and $1.2 million raised Swag Kicks, a Karachi-based second-hand clothing online marketplace. 
 


Pakistan thrash South Korea 4-0 in Azlan Shah Cup hockey clash

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Pakistan thrash South Korea 4-0 in Azlan Shah Cup hockey clash

  • Pakistani players Abdul Hanan Shahid, Arshad Liaqat, Ghazanfar Ali and Sufiyan Khan score goals 
  • This is Pakistan’s second victory in the tournament after their win over hosts Malaysia on Saturday

ISLAMABAD: Pakistan’s field hockey team beat South Korea 4-0 in their second match of the Sultan Azlan Shah Cup this week, state-media reported on Monday, as the South Asian side continued their impressive run in the tournament.

The 30th edition of the prestigious field hockey tournament is being played in Ipoh, Malaysia from 4-11 May. The cup will be contested between six teams, namely Canada, Japan, Malaysia, New Zealand, Pakistan and Korea. Pakistan’s national hockey team made a triumphant start to the tournament on Saturday, defeating hosts Malaysia by 5-4 in a thrilling match.

The green shirts continued their impressive form on Sunday, beating South Korea in what was a one-sided contest. 

“Pakistan in their second match beat South Korea by four goals to nil at Ipoh on Sunday,” the state-run Radio Pakistan reported on Monday. 

Pakistani players Abdul Hanan Shahid, Arshad Liaqat, Ghazanfar Ali and Sufiyan Khan scored goals to ensure the national team dominated the match. Pakistan’s defense did an impressive job to contain the Korean hockey team, thwarting their efforts to score a single goal. 

“Pakistan will play their third match against Japan in Ipoh, Malaysia tomorrow,” Radio Pakistan reported. “The match will start at 3:15 p.m.”

The Sultan Azlan Shah Cup 2024 will see a round-robin stage at first where all six participating teams will play against each other once, followed by positional playoffs.

The teams finishing in the bottom two places of the league stage will contest in a fifth-place classification match. Teams finishing in third and fourth place in the pool stage will compete for bronze, while the top two teams will play in the final for the title.


Pakistani journalists condemn Israel’s decision to ban Al Jazeera, demand ‘earliest restoration’

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Pakistani journalists condemn Israel’s decision to ban Al Jazeera, demand ‘earliest restoration’

  • PM Netanyahu’s cabinet shut down network for as long as Gaza war continues, saying it threatened national security
  • Pakistan Federal Union of Journalists credits Al Jazeera for reporting “independently” on Israel’s war in Gaza

ISLAMABAD: Pakistan’s most prominent association of journalists strongly condemned Israel’s move to ban international news organization Al Jazeera on Sunday, describing it as a “brutal curb on press freedom,” urging journalist bodies around the world to raise their voices for the Qatar-based network. 

The statement comes after Israeli Prime Minister Benjamin Netanyahu’s cabinet voted unanimously to close Al Jazeera’s operations in Israel. The decision came weeks after Israel’s parliament passed a law allowing the temporary closure of foreign broadcasters considered to be a threat to its national security as the months-long war in Gaza drags on.

Later on Sunday, Israeli police raided Al Jazeera’s premises in East Jerusalem while satellite and cable providers took the broadcaster off air. 

“Workers strongly condemn the Israeli decision of banning telecast of Al Jazeera TV and demand its earliest restoration,” the Pakistan Federal Union of Journalists (PFUJ) said in a press release. “The PFUJ-Workers terms the decision a brutal curb on press freedom and demand that Israeli govt should give right to every media organization to work freely.”

PFUJ credited Al Jazeera for reporting “independently” on Israel’s war in Gaza, calling on journalist bodies around the world to raise their voices for freedom of media and support the Doha-based news channel. 

 “If we do not discharge our duty of raising voice for Al Jazeera the other will use the practice to silent voices in their regions,” the statement concluded. 

Al Jazeera criticized Israel’s decision to ban its broadcast in a report, saying that it is one of the few international media outlets to remain in Gaza throughout the war, broadcasting “bloody scenes of air attacks and overcrowded hospitals, and accusing Israel of massacres.”

“The Network vehemently rejects the allegations presented by Israeli authorities suggesting professional media standards have been violated,” Al Jazeera said in a statement. “It reaffirms its unwavering commitment to the values embodied by its Code of Ethics.”

Israel’s move can heighten the Jewish state’s tensions with Qatar, which funds Al Jazeera, especially at a time when the Gulf country is playing a key role in mediating efforts to stop the war in Gaza. 

Tim Dawson, the deputy general secretary of the International Federation of Journalists, told Al Jazeera Israel’s decision was a “retrograde and ridiculous decision.”

“Closing down media, closing down television stations is a sort of thing that despots do,” he said. 
 


Two-day Pakistan-Saudi Arabia investment conference begins in Islamabad today

Updated 06 May 2024
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Two-day Pakistan-Saudi Arabia investment conference begins in Islamabad today

  • The development comes amid the visit of a high-level Saudi business delegation to Pakistan
  • The conference is expected to foster growth and prosperity for the people of both countries

ISLAMABAD: A two-day Pakistan-Saudi Arabia investment conference is set to begin in Islamabad today, Monday, to promote trade and investment between the two countries, Pakistani state media reported.

It comes a day after a 50-member Saudi delegation, led by Assistant Minister of Investment Ibrahim Al-Mubarak, arrived in Pakistan to explore investment opportunities.

The investment conference is expected to foster a new era of growth and prosperity for the people of both countries, the state-run APP news agency reported.

"During the first half of the current financial year, bilateral trade between Pakistan and Saudi Arabia was recorded at $2,482.37 million, with Pakistan’s exports of $262.58 million and Saudi exports of $2.219 billion," the APP report read, citing a Pakistani commerce ministry official.

"Pakistan would welcome and fully facilitate investments and partnerships from Saudi Arabia in IT, minerals, textiles, food security, engineering and energy sectors."

At present, Saudi Arabia's exports include oil, plastics and organic chemicals, while Pakistan exports rice, bovine animal meat, fruit and vegetables, tents and camping goods.

The official noted Pakistan and the Gulf Cooperation Council (GCC) had agreed on a Free-Trade Agreement last year and Islamabad was also planning to organize a Single Country Exhibition and Lifestyle Show in the Kingdom.

Pakistan and Saudi Arabia enjoy strong ties rooted in shared culture, religion and economic cooperation, and have witnessed a flurry of official visits in recent weeks.

The two countries have lately been working to increase bilateral trade and investment, and the Kingdom recently reaffirmed its commitment to expedite an investment package worth $5 billion for Pakistan.


Pakistan farmers announce nationwide protest from May 10 amid wheat import crisis

Updated 05 May 2024
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Pakistan farmers announce nationwide protest from May 10 amid wheat import crisis

  • Farmers are demanding the government stop wheat imports that have flooded markets, leading to price slump
  • Agriculture contributes about 24 percent of the GDP and accounts for half of the employed labor force in Pakistan

ISLAMABAD: Pakistani farmers on Sunday announced a nationwide protest over the wheat import crisis from May 10, a day after Prime Minister Shehbaz Sharif promised to address their grievances.
Farmers in Pakistan’s Punjab province, which produces most of the wheat crop, are demanding the government stop wheat imports that have flooded the market at a time when they expect bumper crop.
They say the import of wheat in the second half of 2023 and the first three months of this year has resulted in excess amounts of the commodity in the country, leading to reduced prices.
On Saturday, PM Sharif took notice of the matter and formed a committee under the Ministry of National Food Security and Research to address farmer grievances, Pakistani state media reported.
“On the 10th [of May], after the Friday prayers, we are initiating protest from Multan and this protest will be expanded to the whole of Pakistan,” Khalid Khokhar, who heads the Kissan Ittehad Pakistan, said at a press conference.
“Thousands of farmers will come, there will be hundreds of tractors, trailers. Animals, cattle and children and women will also be accompanied.”
Agriculture is the backbone of Pakistan’s economy and constitutes its largest sector. According to the Pakistan Bureau of Statistics (PBS), agriculture contributes about 24 percent of the Gross Domestic Product (GDP) and accounts for half of the employed labor force in the country.
However, the prices of wheat have dropped in Pakistan in recent weeks and are much below the government’s support price of Rs3,900 per 40-kilogram bag.
“We do not have any option other than this. The mafia made Rs100 billion, Pakistan’s $1 billion worth of foreign exchange was spent and the farmers incurred around Rs400 billion losses,” Khokhar said.
“They slaughtered 60 million farmers just for the sake of corruption.”


Pakistan’s Dr. Shahzad Baig makes it to TIME’s 100 world leaders in health

Updated 05 May 2024
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Pakistan’s Dr. Shahzad Baig makes it to TIME’s 100 world leaders in health

  • Before arriving in Pakistan, Baig was a technical adviser to Nigeria’s polio eradication effort, which remained successful
  • Pakistan, Afghanistan are only two countries in world where polio continues to threaten health and well-being of children

ISLAMABAD: US news magazine TIME has included Dr. Shahzad Baig, the Pakistan Polio Eradication Programme’s national coordinator, to its list of 100 most influential people across the world in the field of health in 2024.
The list, titled ‘TIME100 HEALTH,’ this week honored individuals from across the world for their services for fresh discoveries, novel treatments, and global victories over disease.
Baig was recognized for his efforts for the eradication of poliovirus, which mainly affects children under the age of ten years by invading their nervous system, and can cause paralysis or even death.
Pakistan and Afghanistan are the only two countries in the world where polio continues to threaten the health and well-being of children. 
“On the front lines in the effort to stamp it [polio] out is Dr. Shahzad Baig, national coordinator of Pakistan’s polio-eradication program,” TIME wrote on its website.
“In 2019, polio disabled or killed 147 people in Pakistan; since Baig assumed the position, in 2021, case counts have plummeted, with only six children stricken in 2023.”
Before arriving in Pakistan, Baig was a technical adviser to Nigeria’s polio eradication effort, which succeeded spectacularly, according to the US magazine.
In 2020, the African country became the most recent one in the world to be declared polio-free.
“If Baig has his way, Pakistan will be the next,” it added.