Pakistan-based edtech platform Maqsad secures $2.8 million in seed funding to expand its services.
In a significant move for the Pakistani education sector, edtech startup Maqsad has secured $2.8 million in a seed round. The round was led by Speedinvest, one of Europe's largest seed funds, with Indus Valley Capital, a returning investor, doubling down on its investment in Maqsad.
Founded in 2021 by Rooshan Aziz and Taha Ahmed, Maqsad aims to make education accessible for 100 million Pakistani students. The startup provides curriculum-aligned content, quizzes, and video lectures primarily for Matric and Intermediate students in Pakistan. It is recognised alongside other local startups like Sabaq and Edkasa for addressing education challenges in the country.
Maqsad's mobile app, which has been downloaded over a million times and has answered 4 million student queries, consistently ranks as the #1 education app in Pakistan on the Google Play Store. This success has not gone unnoticed, with strategic angels such as Indus Valley Capital, Stellar Capital, Alter Global, Johann Jenson (SVP Product at GoStudent), and others also participating in the seed round.
Aatif Awan, founder of Indus Valley Capital, sees investing again in Maqsad as a no-brainer due to the startup's strong team and category-leading product. Philip Specht, Partner at Speedinvest, believes Maqsad is on track to be one of the most successful businesses in Pakistan.
The edtech market in Pakistan is forecasted to be worth $37 billion by 2032, with a quarter of this going towards after-school academic support. With only one teacher for every 44 students, Pakistan has one of the highest student-teacher ratios in the world, making edtech solutions like Maqsad crucial for providing quality education to students.
Speedinvest, with Vienna-based GoStudent, an edtech unicorn, already in its portfolio, is no stranger to the edtech industry. The investment in Maqsad reflects its potential to touch the lives of millions of students and disrupt the education ecosystem.
While the exact current operational status post-funding and strategic outlook remain unspecified, Maqsad's mission to make education accessible for 100 million Pakistani students remains unwavering. The startup directly competes with local startups like Edkasa and Middle Eastern edtech platforms like Noon and Abwaab, making it a formidable player in the Pakistani edtech market.
[1] Source: Various online sources, including but not limited to TechCrunch, MENAbytes, and ProPakistani.
- The venture-capital firm, Indus Valley Capital, finds investing in Maqsad, an edtech startup in Pakistan, to be a strategic choice due to the company's strong team and leading product in the education sector.
- To address the education challenges in Pakistan, Maqsad, an online education platform, aims to provide curriculum-aligned content and utilizes venture-capital funding to make education accessible for 100 million students in the country.
- As part of its growing portfolio in the edtech industry, Speedinvest invests in Maqsad, an edtech startup aiming to disrupt the education ecosystem in Pakistan by providing quality online education to millions of students, alongside competitors like Edkasa, Noon, and Abwaab.
