In December 2021, CreditBook became the first startup in Pakistan to be funded by Tiger Global, one of the most active investors in the world. As the Pakistani startup ecosystem battles a tough funding environment, Hasib Malik, CreditBook’s co-founder and CEO, says international investors need to support local founders and not just their business models.
This interview has been edited for clarity and brevity.
What is the current state of entrepreneurship and investment in Pakistan, and what’s your view of the future?
Entrepreneurship and investment nowadays seem to be directly linked with the political and economic macros of the country — hence the slowdown. But the future is bright. As long as private enterprises can ensure more investment in education and vocational training, we should be able to absorb political and economic shocks to the system.
It is encouraging that more young graduates are finding career paths joining startups or starting their own companies, and their families have lowered their resistance. This ensures talent availability and supply.
What is your advice to a global investor looking for opportunities in Pakistan?
Support the founder, not just the business model.
In Pakistan, certain founders have displayed remarkable resilience, self-awareness, and courage by adapting their businesses in challenging macroeconomic conditions. Pakistani founders confront issues like high employee turnover, inflation, and bureaucratic hurdles. These difficulties, however, have the potential to mold exceptional founders capable of establishing successful local and international companies.
There are tremendous opportunities to capitalize on infrastructure development or create business-to-business products that generate revenue in dollars while having lower costs in Pakistani rupees, resulting in even higher profit margins.
What advice would you give to aspiring entrepreneurs in Pakistan?
Become a category leader, play the long game. Keep your focus on the bottom line but also maintain a big vision. Consider gaining industry experience in an area you’re passionate about before starting your own company. This allows you to gain valuable insights at no cost to yourself, paving the way for your success.
