Maqsad, a Pakistani edtech startup, brings USD 2.1 million in a pre-seed funding round led by Indus Valley Capital on 20 September 2021.
Investors: Indus Valley Capital led the current round. In addition, Alter Global, Fatima Gobi Ventures, and several other individual founders from Pakistan and the Middle East also contributed to this round.
The objective behind the funding: The startup plans to deploy the proceeds to launch its mobile app in the fourth quarter and will use the funds to create technology and content and increase its workforce. The app will contain games, quizzes, awarding points, rewards and badges to give a sense of accomplishment and keep up the students’ engagement with the application.
About Maqsad
Founded in 2021 by childhood friends Taha Ahmed and Rooshan Aziz, Maqsad intends to deliver high-quality localised academic content in a mix of Urdu and English. Maqsad’s platform aims to provide a one-stop-shop for after-school academics. Its platform features will include adaptive testing that adjusts a question’s difficulty level based on users’ responses. It plans to create a hybrid model offering online and offline courses.
What the Founder has to say:
“We believe everyone has a purpose. Maqsad’s mission is to enable Pakistani students to realize this purpose; whether you are a student from an urban centre, such as Lahore, or from a remote village in Sindh: Maqsad believes in equal opportunity for all,” said Rooshan Aziz, the founder, Maqsad. “We are building a mobile-first platform, given that 95% of broadband users in Pakistan are via mobile. Most other platforms are not mobile optimized,” he added.
What the investors have to say:
Aatif Awan, the founder and managing partner of Indus Valley Capital, said: “We’ve been looking to invest in a startup transforming education in Pakistan since Indus Valley’s inception. Maqsad founders’ deep understanding of the problem, unique approach to solving it and passion for impact persuaded us quickly that this was the team to partner with.”
Ali Mukhtar, general partner of Fatima Gobi Ventures, said, “Pakistan’s Edtech opportunity is one of the largest in the world, and we are excited to back Maqsad in delivering tech-powered education that levels access, quality and cost across Pakistan’s youth and creates lasting social change.”
The Covid-19 pandemic motivated the founders. The global education crisis has given rise to edtech startups globally. The company aim to cater to 100 million Pakistani students. The company projected that Pakistan’s education market is to increase to USD 30 billion by 2030. Maqsad will have an early mover advantage in Pakistan’s education market.
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