On Friday, Pakistan’s leading music streaming service Patari, announced that it has secured raised $200,000 seed from Sarmayacar, an investor group.
Patari.pk announced the details of the funding in an event in a signing event in Lahore. Patari’s founders and the current employees were the part of the event.
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 Sarmaycar will allow us to scale up and truly unleash the massive potential inherent in Pakistani music.”
Dr. Umar Saif, Chairman PITB said:
“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.”
He further added:
“While I would encourage startups to be completely forthright, honest, transparent and responsible with regards to investor money, the investors need to patient and responsible with the startups too. They must realize that startups may falter and fail and that they must keep them motivated to make them rock stars.”
Patari’s beta version was first launched in April 2015, and later that year in September, platform went live and also released its Android and iOS applications. Patari gained popularity quickly, not only in Pakistan but outside the country as well.
Service won the mBillionth Award in India from Pakistan in 2016, US Embassy’s Pakistan Startup Cup and was placed second in the World Startup Cup.
Ahmer Naqvi, the director of content at Patari said:
“Before Patari, the two truisms of the local music industry were that no one believed in copyrights, and no one paid royalties. We were able to show that both can be done, and as such our story is a story of success not just for the music industry, but also an example of how Pakistanis are creating world class tech products.”
Rabeel Waraich, founder of Sarmayacar said:
“We chose Patari because it is a startup driven by a dynamic team that will help revitalise the waning music industry of Pakistan. With Patari’s platform, we hope to propel the upcoming music scene to new heights and bring back the golden era of Pakistani music.”
Earlier this year in 2016, Patari became the first digital partners of Facebook F8 program from Pakistan, allowing greater and the better compatibility of streaming services within Facebook platforms.
In these two years, Patari.pk has gained so much success and it is rising to new peaks, which also shows the potential this country has to compete with the global market.