ISC Sarmayacar (IFC-42297)

Countries
  • Pakistan
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Proposed
Bank Risk Rating
FI
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Jun 17, 2019
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
SARMAYACAR (PRIVATE) LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Finance
The service or industry focus of the investment. A project can have several sectors.
Investment Amount (USD)
$ 2.50 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS Jun 11, 2019

Disclosed by Bank May 17, 2019


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Project Description

Sarmayacar Ventures Coopreatif is an early stage venture capital fund raising US$30 million to invest in tech based companies in Pakistan. This investment will fall under the IFC Startup Catalyst initiative, which supports entrepreneurship and innovation at the earliest stages.

The project aims to achieve "(i) Increased access to capital for early stage tech enabled startups in a nascent ecosystem with an increased focus on supporting women entrepreneurs; (ii) Improved investee growth as the fund manager will actively engage in professionalizing the investee companies to help them grow their product offerings, increase headcount and potentially expand into new markets, and (iii) market creation through increased competitiveness of local VC market, reduction in risk perceptions and support of entrepreneurship ecosystem especially initiatives supporting investment readiness for early stage women entrepreneurs."

Investment Description
  • International Finance Corporation (IFC)
Private Actors

According to IFC, Sarmayacar was established in 2016, as a syndicate of local and international angel investors pooling capital and expertise to back Pakistani startups. Sarmayacar is led by Rabeel Warraich and Bernhard Klemen, who bring together relevant investment, strategy and company building experience (~US$3bn aggregate direct equity investments ranging in size from US$25K early-stage venture to US$650M large-cap minority); wide connectivity in the country; and demonstrated ability to source and execute deals in Pakistan. 

Contact Information

Sarmayacar Ventures Cooperatif
Rabeel Warraich
Founder, CEO
+92 (0) 333 520 5236
rabeel@sarmayacar.com
sarmayacar.com

ACCOUNTABILITY MECHANISM OF IFC

The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/