Rs500m fund for IT companies
Artificial intelligence-driven marketplace for engineers Gaper.IO said on Thursday it’s launching a technology fund of Rs500 million to help IT companies navigate the recession and scale their operations. A press release said Fund-1 of Gaper Technology Fund will be deployed in 2023. “In the past, funding and business ecosystem growth have typically focused on startups and businesses in their nascent stages. This fund centers its focus on IT service companies already in business. Global recession, coupled with local economic uncertainty, has slowed down the IT sector globally, which is often thought to be immune to exogenous shocks,” it said. The objective of the fund is to facilitate mergers and acquisitions across the industry to increase market visibility, the statement quoted Gaper.IO co-founder Ahmed Muzammil as saying.