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 combing for perpetrators after deadly Balochistan attacks

Updated 49 min 45 sec ago
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Pakistan combing for perpetrators after deadly Balochistan attacks

  • Pakistan has been battling a Baloch separatist insurgency for decades, with frequent armed attacks on security forces, foreign nationals and non-locals
  • Militants stormed banks, jails, police stations and military installations, killing 31 civilians and 17 security personnel, the Balochistan chief minister says

QUETTA: Pakistan forces were hunting on Sunday for the separatists behind a string of coordinated attacks in restive Balochistan province, with the government vowing to retaliate after more than 190 people were killed in two days.

Around a dozen sites remained sealed off, with troops combing the area a day after militants stormed banks, jails, police stations and military installations, killing at least 31 civilians and 17 security personnel, according to the chief minister of Balochistan province.

At least 145 attackers were also killed, he added, while an official told AFP that a deputy district commissioner had been abducted.

That figure includes more than 40 militants that security forces said were killed on Friday.

Mobile internet service across the province has been jammed for more than 24 hours, while road traffic is disrupted and train services suspended.

After being rocked by explosions, typically bustling Quetta lay quiet on Sunday, with major roads and businesses deserted, and people staying indoors out of fear.

Shattered metal fragments and mangled vehicles litter some roads.

"Anyone who leaves home has no certainty of returning safe and sound. There is constant fear over whether they will come back unharmed," Hamdullah, a 39-year-old shopkeeper who goes by one name, told AFP in Quetta.

The chief minister, Sarfraz Bugti, told a press conference in Quetta that all the districts under attack were cleared on Sunday.

"We are chasing them, we will not let them go so easily," he said.

"Our blood is not that cheap. We will chase them until their hideouts."

The Baloch Liberation Army (BLA), the province's most active militant separatist group, claimed responsibility for the attacks in a statement sent to AFP.

The group, which the United States has designated a terrorist organisation, said it had targeted military installations as well as police and civil administration officials in gun attacks and suicide bombings.

Interior Minister Mohsin Naqvi, who flew to Quetta late Saturday to join funerals, claimed without offering any evidence that the attackers were supported by India.

"We will not spare a single terrorist involved in these incidents," he said.

In a press conference on Sunday, Pakistan Defence Minister Khawaja Asif likewise claimed the attackers enjoyed links to India and pledged to "completely eliminate these terrorists".

India denied any involvement.

"We categorically reject the baseless allegations made by Pakistan, which are nothing but its usual tactics to deflect attention from its own internal failings," said foreign ministry spokesman Randhir Jaiswal on Sunday.

'BROAD DAYLIGHT'

Pakistan has been battling a Baloch separatist insurgency for decades, with frequent armed attacks on security forces, foreign nationals and non-local Pakistanis in the mineral-rich province bordering Afghanistan and Iran.

Saturday's attacks came a day after the military said it killed 41 insurgents in two separate operations in the province.

The insurgents released a video showing group leader Bashir Zaib leading armed units on motorcycles during the attack.

Another clip claimed to show the abducted senior official from Nushki district.

In another district, militants freed at least 30 inmates from a district jail, while seizing firearms and ammunition. They also ransacked a police station and took ammunition with them.

"It was one of the most audacious attacks in the region in recent years, as unlike other attacks, it took place in broad daylight," Abdul Basit at the S. Rajaratnam School of International Studies in Singapore told AFP.

"It is alarming that militants, with coordinated manpower and strategic acumen, have now reached the provincial capital," he added.

Several of the BLA's videos featured women insurgents, while Defence Minister Asif said at least one of the suicide bombers was a young woman.

"They continue to showcase women strategically in high-visibility attacks," Basit said.

Pakistan's poorest province and largest by landmass, Balochistan lags behind the rest of the country in almost every index, including education, employment and economic development.

Baloch separatists accuse Pakistan's government of exploiting the province's natural gas and abundant mineral resources, without benefiting the local population. The government denies this.

The BLA has intensified attacks on Pakistanis from other provinces working in the region in recent years, as well as foreign energy firms.

Last year, the separatists attacked a train with 450 passengers on board, sparking a deadly two-day siege.