Gobi launches $20m Pakistan-focused fund
Gobi Partners has launched a $20 million fund with Fatima Ventures, the corporate VC arm of Pakistani conglomerate Fatima Group, to tap opportunities in the country.
Fatima Group is one of the largest business groups in Pakistan, with interests spanning agrochemicals, textiles, sugar, mining, energy, and general trading. The VC unit was established in 2014 and is led by Ali Mukhtar. It focuses on early-stage domestic technology start-ups. Existing portfolio companies include news and entertainment portal Mangobaaz and beauty products platform BeautyHooked.
Gobi made its first investment in Pakistan last year, leading a $1.5 million Series A round for online travel services start-up Sastaticket. Thomas Tsao, Gobi’s founding partner, said at the time that he believed the market dynamics that led to the emergence of large online travel agencies in China are also present in Pakistan. Sastaticket “has a real opportunity” to become one of the first unicorns in the country, he said in a statement.
Gobi's mode of expansion in Pakistan is similar to that taken in certain Southeast Asian markets. The Shanghai and Kuala Lumpur-based GP launched a $10 million Philippines fund with Core Capital last year, as well as setting up a $10 million Indonesia-focused vehicle.
Overall, Gobi has 11 funds with more than $1 billion in assets under management.
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