Standard Chartered awards Rs10.5 million to three women led startups

Three women led startups have shared Rs10.5 million in grants after the eighth cohort of the Standard Chartered Foundation's Women in Tech Accelerator for Pakistan ended in Karachi. The money is equity free, so the founders give up no ownership in return.

EV Square, founded by Aimen Shafique, took first place and Rs5 million. Blusha App, founded by Minahil Zafar, won Rs3 million for second place. Zvolta, founded by Anusha Shahid, came third and received Rs2.5 million. TechX Pakistan describes EV Square as an electric vehicle company.

The programme began with 30 founders, who went through a six day bootcamp. Ten of them then received three months of support on investment readiness and mentoring, along with a two stage funding process. Three reached the final grant stage, according to TechX.

Winners also get six more months of support and financial oversight, plus lifelong membership of the Women in Tech Alumni Network, according to a statement published by The Nation.

A steady source of early money

The accelerator is delivered in Pakistan with INNOVentures Global, while Village Capital is the global partner. It is part of the foundation's wider Women in Tech initiative. According to the statement, the Pakistan programme has now supported more than 200 women led startups and has awarded over 425,000 US dollars in grants.

Those figures matter because women founders remain a small group in Pakistani venture funding. The Rs10.5 million awarded this year is modest next to a typical venture round, but it reaches founders at a stage when few other funders are writing cheques.

Neither report carried quotes from the organisers or the winners.

Reported from coverage on TechX Pakistan and a statement published by The Nation.