500 Global and JS Group Partner to Support Startups in Pakistan

500Global

500 Global plans to bring its world-class programs and continue to invest in Pakistan, as the country’s startup ecosystem gathers momentum, with JS Group as a strategic local partner.

KARACHI, PAKISTAN – November 1, 2022 – 500 Global, one of the most active venture capital firms in the world, has partnered with JS Group, one of Pakistan’s leading financial services conglomerates, to support startups in Pakistan.

With this collaboration, 500 Global aims to bring its range of startup and investor education programs to Pakistan. It will also continue to scout for top founders and high-potential technology startups to invest in.

As the world’s fifth most populous market with a young population that is rapidly digitizing, Pakistan aims to become a regional technology hub. The number of venture-backed deals nearly quadrupled between 2018 and 2021 to 86, with funding rising more than 20-fold during the same period to $332 million. Pakistan is at a tipping point for global venture-backed deals, attracting $304 million in funding in the first nine months of 2022, 92% of total 2021 funding, according to data firm MAGNiTT.

The partnership underscores 500 Global’s mission of uplifting people and economies around the world through entrepreneurship. With $2.7 billion under management, the Silicon Valley-based firm has invested in more than 2,700 companies in 81 countries and counts 49 unicorns in its portfolio (companies valued in excess of $1 billion). In addition to its investments, 500 Global has run more than 80 accelerator programs worldwide, providing startups with the tools they need to set them up for success.

JS Group will continue to build on its vision to support the Pakistani startup ecosystem, creating category-defining technology businesses, employment opportunities, and a new generation of entrepreneurs. JS Group and its subsidiaries have already built a track record of investing in and backing some of the country’s leading SMEs and start-ups — taking them from seed to IPO.

“We’ve been watching Pakistan’s startup ecosystem evolve and I’ve also had the opportunity to meet a driven and thriving community of talented founders and their supporters, both in Pakistan and abroad. With JS Group’s experience and offerings as a leading financial institution in Pakistan and with our experience investing globally in early-stage technology and delivering programs, we’ll each be well placed to help the next generation of founders in Pakistan to build and scale their companies with strong infrastructure and know-how,” said Courtney Powell, Chief Operating Officer and Managing Partner of 500 Global.

500 Global made its first investment in Pakistan six years ago and by teaming up with JS Group, the firm intends to deepen its commitment to building a thriving and sustainable startup ecosystem. Despite macroeconomic pressures, both organizations recognize that the country’s most innovative entrepreneurs will successfully navigate current economic challenges to create businesses that can scale growth in Pakistan and beyond.

“With close to a billion dollars in venture financing since 2018, the growth of Pakistan’s young, connected middle class is underpinned by policies and infrastructure designed to advance the technology and venture capital sectors. JS Group has been at the forefront of Pakistan’s financial sector and today is pioneering the provision of growth capital for the country’s pathbreaking entrepreneurs. Together with 500 Global, we aim to enable access for homegrown startups to early-stage financing and nurture innovative talent through a global network of experts,” said Salaal Hasan, Director – Venture Capital of JS Group.

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Royal Danish Embassy Recognizes Mahvash and Jehangir Siddiqui Foundation for Charitable Efforts Across Pakistan

Karachi – 21st May, 2018: The Mahvash & Jahangir Siddiqui Foundation (MJSF), a not-for-profit organization working in the fields of education, healthcare, disaster relief and sustainable social development has been recognized for its charitable efforts by the Royal Danish Embassy. To mark the occasion, a shield was presented to Ali Charanya, Chief Operating Officer (COO) – MJSF by H.E. Rolf Michael Holmboe – Danish Ambassador to Pakistan.

Founded in 2003, the foundation is a major donor to philanthropic causes in Pakistan. MJSF has partnered with international organizations including the United Nations, World Wildlife Fund, UN Habitat for Humanity, Oxfam, World Food Authority, Disaster Management Authority etc. Focused on long-term sustainable projects, the organization has established the JS Academy for the Hearing Impaired, a center for Autism and is inaugurating a state of the art hospital at Sehwan Sharif, Sindh.

Speaking at the occasion, the Ambassador of Denmark, H.E. Rolf Holmboe stated, “MJSF is a shining example of true corporate social responsibility. I am very pleased that a major business conglomerate such as JS has undertaken such a major philanthropic venture. JS Group has set a high benchmark and I hope that other large corporates will do the same and engage in making their country a better place for all”.

After receiving the award, Ali Charanya, COO – MJSF said, “It is an honor for MJSF to be appreciated by the Royal Danish Embassy. We are grateful to the Ambassador for reviewing our efforts and commending us for the same. We are committed to serving the underprivileged across Pakistan and will continue to live up to our pledge to promote economic development, enhance the dignity and quality of life of individuals, families and communities, eliminate barriers to opportunity and help those in need.”

This recognition follows the receipt of an award given to Ali Raza Siddiqui, Chief Executive Officer (CEO) of MJSF by Sheikh Nahyan Bin Mubarak Al Nahyan, Minister of Culture and Knowledge Development, UAE for his remarkable contribution to philanthropy at an annual award function organized in Dubai.

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About MJSF:

The Mahvash and Jahangir Siddiqui Foundation is the charitable arm of JS Group. A non-profit organization, the foundation works in the fields of healthcare, education and social enterprise through sustainable development to underprivileged members of society with a special focus on women, minorities, children and differently abled individuals. Foundation’s goal is to promote economic development and to enhance the dignity and quality of life of individuals, families and communities by eliminating barriers to opportunity and helping people in need reach their fullest potential. For more information, please visit http://mjsf.org/portal/

 

Picture Caption: Ali Charanya – Chief Operating Officer of Mahvash and Jahangir Siddiqui Foundation receiving an award from H.E. Rolf Michael Holmboe – Danish Ambassador to Pakistan in recognition for the foundation’s charitable efforts in the fields of education, healthcare and sustainable social development.

Parliamentary Secretary on Climate Change meets with JS Group officials

17th April – Karachi: Romina Alam Khan, Parliamentary Secretary for Climate Change visited the Central Offices of JS Group to meet with officials from JS Bank and the Mahvash and Jahangir Siddiqui Foundation (MJSF).

As per the Global Climate Risk Index 2018 report, Pakistan is ranked as the 7th most vulnerable country to global warming and climate change. In view of the country’s increasing vulnerability to adverse climate change, discussions were held on how JS Group and in particular JS Bank and MJSF can work together with the Ministry of Climate Change, to boost climate adaptation action and limit the impact of global warming. "Effective and continual climate action is the need of the hour.” said Imran Shaikh, Head of Marketing and Brand Management for JS Bank. Ali Charanya, COO of MJSF agreed that urgent steps must be taken in this regard and that MJSF is already working towards this end goal.

Appreciating the efforts of JS Group on the environmental front, Parliamentary Secretary Romina Alam stated that, “JS Group is amongst the few conglomerates of Pakistan who have undertaken sustained corporate social responsibility programs. I look forward to collaborating with the Group on climate change management.”

JS Bank is at the forefront of introducing environmentally and socially responsible banking solutions in Pakistan. This includes the conversion of branches on to solar power as well as implementation of the Green Office initiatives in partnership with the World Wildlife Fund (WWF) through reduction of waste generation and power usage. MJSF is also working with communities across the nation to mitigate the impact of climate change in underprivileged areas as they are at greater risk due to changing weather patterns and natural disasters.

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About JS Bank:

JS Bank is one of the fastest growing banks in Pakistan, with 323 branches in 161 cities nationwide. It also has an international presence and is a leading player in the digital banking space. JS Bank has received the prestigious award for Best Environmental and Social Governance Bank at the Pakistan Banking Awards 2017. The Bank is part of JS Group, one of the Pakistan’s most diversified and progressive financial services group. For more information, please visit http://www.jsbl.com.

 

Caption: Parliamentary Secretary for Climate Change, Romina Alam Khan met with JS Group officials including Imran Shaikh, Head of Marketing and Brand Management-JS Bank and Ali Charanya, COO of Mahvash and Jahangir Siddiqui Foundation for discussions on climate change management.

 

 

JS Energy Collaborates With Partners To Inaugurate 50 MW Wind Power Project

20th April, 2018 – Jhimpir: JS Energy, a subsidiary of JS Group, in collaboration with its local and international partners successfully inaugurated a 50 MW wind farm under the name of Hawa Energy (Private) Limited. The launch of this wind farm has brought Pakistan’s total wind generation capacity to over 800 MW.

Located at the Gharo-Jhimpir wind corridor, the project was undertaken by a joint partnership of JS Energy, which provided project management and financial backing in association with Hawa Investments, Daelim Energy, Asma Capital and JCM Power. The project is also funded by Overseas Private Investment Corporation (OPIC), a US government agency. The project’s execution was undertaken by Power China, a Chinese EPC contractor using 29 x 1.715 MW General Electric (GE) advanced wind turbines.

Speaking at the occasion, Farman Lodhi, Chief Executive Officer-Hawa Energy said: “This is an exciting moment for us and we are proud of the collaborative efforts undertaken by all stakeholders to make this dream come true. All 29 turbines are now online and are feeding power into the national grid to meet the needs of more than 20,000 households.”

Sharing his thoughts, Bruno Bucari, Chairman-Hawa Energy said: “This is a moment of joy for all of us and has significant emotional value to me as my idea of transition from fossil fuels to Clean Energy has become a reality with the completion of this project. Congratulations to each individual who worked on this project for their dedication and commitment. I would also like to extend my gratitude to all the stakeholders who came on board and supported this project all the way. I look forward to seeing this project bridging a part of the power supply-demand gap in the country.”

With power demands increasing rapidly across the country, Hawa Energy’s project highlights the importance of the private sector in increasing electricity generation capacity and boosting renewable energy generation.

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About JS Energy:

JS Energy is part of JS Group, one of the country’s most diversified business conglomerates with interests in the financial, energy, investment and industrial sectors.

Caption (from L to R): Inauguration ceremony of Hawa Energy 50 MW Wind Power Project. Seen here are Muhammad Ali, Director Pakistan – JCM Power, Farman Lodhi, CEO – Hawa Energy, Saeed Muhammad Khan, Director – Hawa Energy, Bruno Bucari, Chairman – Hawa Energy, Noureen Noor, Portfolio Manager – Asma Capital, Thomas Heintzman, Chief Operating Officer – JCM Power, Syed Hasan Akbar Kazmi, Director – Head of Middle East & Africa – JS Group and Emran Ahmed Khan, Regional Head (MENASA) – Daelim EMA Management

Offer for Sale of AGP – Largest IPO in Pakistan’s Pharmaceutical Industry

AGP Limited, a part of OBS Group, the 8th largest Pharmaceutical Group in Pakistan successfully raised PKR 2.8 billion from foreign institutional investors, local institutional investors and the general public. The IPO was entirely managed by JS Global Capital Limited in their capacity as the Consultant to the Issue. AGP is the first public offering of a Pharmaceutical company after a gap of over 23 years and therefore would result in a significant improvement in the depth of the local pharmaceutical sector at the Pakistan Stock Exchange.

The success of the IPO can be gauged from the fact that, both Book Building and General Public Portions of the IPO received overwhelming response despite tough market conditions (Book Building portion subscribed by 160%; General Public portion subscribed by 112%). Total demand in the Book Building was received in excess of PKR 5.0 billion, whereas the same from the General Public also stood at PKR 784 million, which also rendered it as one of the largest private sector Public Offerings in Pakistan. Quality of investors in the Book Building was evident as 84% of the Offer was subscribed by Institutional Investors. One key highlight of this landmark offering was participation of the Foreign Institutional Investors (16%), which is unprecedented in recent time. This has also raised the bar for domestic companies attracting foreign institutional money.

AGP is spearheaded by a highly capable team of professionals boasting rich experience in pharmaceutical and healthcare sector, having served in large multinational and domestic corporates. The Company specializes in manufacturing, marketing and sales of pharmaceutical and healthcare products, many of which are market leaders in their respective categories. AGP has a unique combination of brands acquired from global pharmaceutical companies of international repute, as well as its own range of branded generics. In order to reach the next stage of growth, AGP has partnered with Mylan USA, the world’s second largest generic drug manufacturer. In 2016, AGP launched a hepatitis-C drug, MyHep, which is a bio-equivalent of Sovaldi. Additionally, the Drug Regulatory Authority of Pakistan (DRAP) has recently approved the pricing of a breast cancer treatment drug which is expected to provide an affordable treatment option to many, and become a block-buster drug considering the high occurrence of breast cancer in Pakistan.

The success of any pharmaceutical company greatly depends on its distribution network. In this regards, the delivery of AGP’s products, across the country, is managed by Muller & Phipps (M&P), the largest pharmaceutical distributor in Pakistan with coverage across 1,850 towns and over 32,400 pharmacies throughout the country. M&P ensures the widest and most efficient outreach for AGP’s products.

The pharmaceutical industry has been resilient over economic cycles, growing at a sustained CAGR of around 13% over the last 5 years owing to a strong population growth rate of 2% along with rising income levels. The Drug Pricing Policy has also provided pharmaceuticals with the much needed price support that was missing since the past twelve years. The industry is expected to witness strong growth well into the future due to favourable dynamics. To celebrate the successful completion of the IPO process and other formalities, management of AGP Limited had a cake-cutting ceremony, where Mr. Tariq M. Khan, Chairman AGP Limited and OBS Group, Ms. Nusrat Munshi, CEO AGP Limited, and Kamran Nasir, CEO JS Global, were present, amongst others. Trading of AGP shares at the Pakistan Stock Exchange is scheduled to commence at 9:30am, Monday, 5th March, 2018.

Successful completion of AGP’s IPO attended by Mr. Tarek Khan, Chairman AGP along with Ms. Nusrat Munshi, CEO AGP and Mr. Kamran Nasir, CEO JS Global along with senior management of both organizations.

JS Global hosts Pakistan Investment Conference in New York

JS Global Capital Limited (JSGCL), Pakistan’s largest and premier brokerage and investment banking firm is hosting Pakistan Investment Conference in New York, United States of America. This follows JSGCL’s successful investment conference held earlier this year in London, which supported Pakistan in achieving the Emerging Market status by Morgan Stanley Capital International.

The objective of the Pakistan Investment Conference is to pitch Pakistan as one of the most attractive investment destinations amongst the Emerging Markets class. JS Global has made arrangements for the Chief Executives/Chief Financial Officers of 15 leading listed companies to attend the Pakistan Investment Conference and showcase their companies’ profile, performance and future plans to major US Investors for both Foreign Portfolio and Direct Investment by the US Investors.

A high powered delegation led by Mr. Mohammad Zubair, H.E. Governor of Sind which includes Mr. Mushahid Hussain Syed, Chairman Parliamentary Committee on CPEC alongside Mr. Muneer Kamal, Chairman Pakistan Stock Exchange and Mr. Kamran Nasir, CEO JS Global Capital Limited has arrived in New York. They will inaugurate the Pakistan Investment Conference on October 31, 2017 in the heart of Wall Street, the New York Stock Exchange.

These Pakistani corporations make up most of the MSCI Emerging Markets cluster while representing about 90% of the market capitalization of the Pakistan Stock Exchange (PSX). Foreign investors currently hold interest in about 30% of the free float of PSX.

JS Global with its US partners has arranged an excellent line up of meetings for these companies with some of the largest investors in the US to help portray the investment potential of Pakistan to them. These investors include global top asset managers with trillions of dollars under management. JS Global along with its US partner Rosenblatt Securities Inc, one of the top Institutional brokerage and advisory firms in the US will jointly host this conference. The conference will be a four day event with two days in New York followed by events in Boston, Chicago and Washington.

The list of Pakistani corporations attending the conference are Oil & Gas Development Company (OGDC), Pakistan Petroleum Limited (PPL), Pakistan State Oil (PSO),  United Bank Limited (UBL), MCB Bank Limited (MCB), Engro Corporation (ENGRO), Engro Fertilizers (EFERT), Hub Power Company Limited (HUBC), Lucky Cement Limited (LUCK), DG Khan Cement (DGKC), Honda Cars Limited (HCAR), Searle Pharmaceutical (SEARLE) and AGP Limited (AGP) amongst a few others.

 

Artist Ali Kazim awarded Mahvash & Jahangir Siddiqui Juried Art prize at Karachi Biennale 2017

Ali Kazim from the National College of Arts won the Mahvash & Jahangir Siddiqui Juried Art Prize at the Karachi Biennale 2017 (KB17). The biennale exhibitions displayed various forms of art including performative and digital. In his installation for KB17, Kazim used human hair to create a three-dimensional drawing in the space. His work derives from his interest in the complexity of the human body, both in its physiognomy and as a thematic concern.

Ali Kazim was selected for the Award by three independent jurors. The jury comprised of an international cultural journalist; Ingo Arand, an international art historian and critic on modern and contemporary South Asian art; Savita Apte and one of Pakistan’s leading contemporary art collectors, Khurram Asim.

The KB17 jury convened from the 18th to 20th October, surveying over 140 works of art displayed across 12 venues in Karachi. Their judgment was based on originality of creativity, interpretation of the theme WITNESS, innovative use of material and imagination of depiction.

The Karachi Biennale is supported by JS Group as its lead partner. The group from the beginning has understood KB17’s vision to hold this special art event and put Karachi on the global art map. It ensures that the international artists and audience realize the potential of Pakistani art and its artists.  JS Group has a long association of promoting arts and culture in Pakistan.

JS Group is one of Pakistan’s most diversified and progressive financial services groups controlling and operating market-leading financial services companies in Pakistan. JS Group contributes towards Corporate Social Responsibility through its charitable arms, Mahvash & Jahangir Siddiqui Foundation and Future Trust.

Caption: Ali Kazim received the “Mahvash & Jahangir Siddiqui Juried Art Prize” from Mahvash Siddiqui, Chairperson Mahvash & Jahangir Siddiqui Foundation and Patron in Chief of Karachi Biennale Trust at the launch event of KB17.

Mahvash & Jahangir Siddiqui Foundation collaborates with Autism Spectrum Disorder Welfare Trust to launch Autism Awareness Campaign in Sindh.

A seminar was organized at the Jahangir Siddiqui Auditorium at IBA City Campus, Karachi, on 19th October to mark the opening of Autism Spectrum Welfare Trust Office at Karachi and to launch Autism Awareness Campaign in Sindh.

The Seminar was opened by a welcome address by Ms. Rukhsana Shah, Chairperson of the Trust, who spoke about the lack of awareness about autism and learning disabilities among doctors, teachers and parents all over Pakistan, and lauded the efforts of the government of Sindh in this field. She appreciated the role of the Mahvash & Jahangir Siddiqui Foundation (MJSF) who sponsored the setting up of the Autism Trust in Lahore in 2015, as well as funded the Karachi Office which opened on the 1st of October this year.

In her inaugural speech, Mahvash Jahangir Siddiqui, Chairperson MJSF gave a brief background of the work done by the Foundation all over Pakistan. This was followed by an address by the Chief Guest, Dr. Zulfiqar Shallwani, secretary to the government of Sindh for Special Education.

Dr. Shallwani enumerated the efforts of the government of Sindh in the field not only of autism, but all disabilities in general. He said that in April, the first Autism Centre was set up in Karachi at the existing Special Education Centre in Gulistan-e-Johar. In other parts of Sindh, we are also setting up a similar Centre for Down’s syndrome and Neuro Developmental Disorders in which medical colleges and DHQ hospitals would be involved to ensure sustainability and growth of the Centre.

The key-note address on Autism was delivered by Dr. Irum Rizwan, a pioneer in the field of Autism in Karachi, who also runs the Autism Unit at Dow University of Health Sciences. This was followed by a presentation on ADHD by Dr. Salma Khalil, a discussion on Learning Disabilities by Ms. Sanam Hafeez, and Overview of Trainings for ASD management by Ms. Asma Ahmad, followed by a detailed discussion.

The seminar was attended by about 200 teachers of special and mainstream schools, doctors, parents, professionals and prominent members of the civil society.

The Mahvash and Jahangir Siddiqui Foundation is a non-profit organization that has been working towards healthcare, education and social enterprise through sustainable development to underprivileged members of society with a special focus on women, minorities, children and disabled individuals. Foundation’s goal is to promote economic development and to enhance the dignity and quality of life of individuals, families and communities by eliminating barriers to opportunity and helping people in need reach their fullest potential.

Mahvash Jahangir Siddiqui (Chairperson Mahvash & Jahangir Siddiqui Foundation), Rukhsana Shah (Chairperson, Autism Spectrum Disorder Welfare Trust) and senior members from both organizations attended the seminar at the Jahangir Siddiqui Auditorium at IBA City Campus to mark the opening of Autism Spectrum Welfare Trust Office in Karachi and to launch Autism Awareness Campaign in Sindh.

Mahvash & Jahangir Siddiqui Foundation renews its commitment to Acumen Pakistan

Mahvash and Jahangir Siddiqui Foundation (MJSF) has announced a $1M commitment to support Acumen’s Pakistan Fellows program and it’s Pakistan Fund over the next five years. The partnership with Acumen, a non-profit social venture fund, will support Pakistan’s emerging leaders and catalyse social and economic development through business.

Acumen and MJSF have worked together to tackle the problems of poverty in Pakistan for more than a decade now. Over the last 15 years, Acumen has invested $16M in 16 companies in the country, impacting 4.8M lives. MJSF and JS Bank were one of the first to support Acumen‘s presence in Pakistan.

The Acumen Fellows program is a leadership development program that equips emerging social leaders around the world with the skills, knowledge and moral imagination to drive change in their communities. The Pakistan Fund, with the support of its anchor partner MJSF, will invest in early stage companies that improve the lives of the poor by developing and deploying innovative business models in education, energy, health care and agriculture.

“MJSF’s continued support allows Acumen to invest in dynamic leaders, companies and ideas that are helping to eradicate poverty and impacting lives across the country,” said Mr. Naeem Zamindar, Acumen’s Pakistan Director. “Mr. Ali J. Siddiqui has played a pivotal role in establishing Acumen here in Pakistan. His support has been instrumental in helping Acumen grow and deepen its impact across the country.”

Mr. Muhammad Ali Charanya, COO MJSF, said “Sustainable development is one of the focus areas of MJSF and our partnership with Acumen has enabled us to work on several specialised projects including Jassar farm, PharmaGen, and low cost housing projects that otherwise would not have been possible. Moreover, collaboration has helped develop many young and dynamic entrepreneurs to enter into the social impact sector.”

The Mahvash and Jahangir Siddiqui Foundation is a non-profit organization that has been working towards healthcare, education and social enterprise through sustainable development to underprivileged members of society with a special focus on women, minorities, children and disabled individuals. Foundation’s goal is to promote economic development and to enhance the dignity and quality of life of individuals, families and communities by eliminating barriers to opportunity and helping people in need reach their fullest potential.

Caption: Commitment renewal signing ceremony between Mahvash & Jahangir Siddiqui Foundation and Acumen was attended by Mr. Muhammad Ali Charanya (COO, MJSF), Mr. Naeem Zamindar (Director of Acumen Pakistan), Ms. Zoha Arshad (Business Development Associate, Acumen) & Mr. Zaid Haroon (Senior Vice President, Communication, JS Bank) along with their team members.

Jahangir Siddiqui inaugurates the Jahangir Siddiqui Government School in Thatta

Mahvash & Jahangir Siddiqui Foundation (MJSF) & Uqaily Family & Friends Association (UFFA) have collaborated to upliftan existing government school at Mori, district Thatta. The inauguration event of the Jahangir Siddiqui Government School was attended by many prominent personalities from all strata’s of society especially from the educational sector. MJSF and UFFA jointly seek to support the right of education, for the underprivileged children.

 

The project has been undertaken through the cooperation of Sindh Education Foundation along with Education & Literacy Department Sindh. The school will cater to the educational needs of200 children with state of the art facilities being provided such as modern computer  and audio visuals labs, library & sports ground. JS Group conducts its Corporate Social Responsibility through a series of independent charitable foundations that operate nationwide led by the Mahvash & Jahangir Siddiqui Foundation.

Mr. Jahangir Siddiqui, entrepreneur and Chairman JS Group inaugurated the school and stated “We are committed to providing support for all sectors of the society with a special focus on education.”

Mr. Abdul Aziz Uqaily, Secretary Education Sindh mentioned “We are thankful to MJSF and particularly to Mr. Jahangir Siddiqui for supporting the education sector.”

Mahvash & Jahangir Siddiqui Foundation was established in 2003 to address challenges related to poverty through sustainable development across the areas of Education, Healthcare, Social Enterprise and Disaster Relief and Rehabilitation. Through MJSF’s various initiatives, we aim to create opportunities and provide support to empower disadvantaged members of society. In addition to projects directly managed by MJSF, we have partnered with key international organizations including various United Nations agencies, Acumen and Oxfam.

Jahangir Siddiqui, Chairman JS Group inaugurates the Jahangir Siddiqui Government School in Thatta.