Patari, one of Pakistan’s most celebrated startups announced this Friday that it has secured US$ 200,000 of seed stage funding from Sarmayacar, an investor syndicate.
Patari, a music streaming service that has already won several awards, announced the investment details in a signing event in Lahore. The signing event featured Patari’s team, including its founders and current employees. It was also attended by Dr. Umar Saif, Chairman PITB; Nabeel A. Qadeer, Director Entrepreneurship and Enterprise Development; as well as members of Sarmayacar.
Khalid Bajwa, the CEO of Patari said: “Our success at Patari had been based on innovating quality products and investing in music. Our partnership with Sarmayacar will allow us to scale up and truly unleash the massive potential inherent in Pakistani music.”
Dr. Umar Saif, Chairman PITB extended his best wishes to the startup and highly appreciated the faith that investors put in these young entrepreneurs trying their best to make a mark in the world. While talking about the startup culture he said: “What started as an idea a few years ago has now spread like a wildfire across the country. Witnessing the remarkable growth of this startup culture and majorly being a part of it feels amazing. Investors believing in the passion and entrepreneurial skills of this young lot, confirms that this culture is here to stay for a long period of time. I wish Patari and emerging startups a successful and prosperous future.”
Patari launched its beta service in April of 2015 via a guerrilla marketing campaign that quickly went viral. In September of last year, the platform went live, rolling out mobile apps for iOS and Android in addition to its website. Patari’s technology was well received in the industry, and the service won the mBillionth award in India, the US Embassy in Pakistan’s Startup Cup and placed second in the World Startup Cup. The service was also lauded for its stringent compliance to copyright laws, and won over the artist community after announcing Rs. 1.25 million in royalty payouts.