Nayab Babar

Chief Investment Officer, Pakistan Startup Fund

Compiled from 1 recorded interview. Every statement below is drawn from the passage cited beside it.

Nayab Babar is Chief Investment Officer at the Pakistan Startup Fund. He says the fund sits inside Ignite, a body under the Ministry of IT. He says its funding comes from the Planning Commission.

Early life and background

Babar's family is originally from Lahore. His father was an Air Force pilot who also took part in the 1965 war. His father died in a car accident in Abbottabad after he had retired. [1]

As a child he lived with his mother and brother. He moved with his family to Islamabad at age nine. He grew up in a joint family with cousins. He says he regards himself as coming from a privileged class. [1]

Education

Babar studied at Froebels in Islamabad. He took his O-levels at Froebels and at one other school. He says he was never the best student. He got B grades in O-levels and C grades in A-levels. [1]

His bachelor's was a University of London programme taught in Islamabad. He says he started in accounting and finance. He sat the first CFA exam alongside his bachelor's studies. He also taught for a year at the same university where he had studied. He says he had already done CFA level 2. [1]

Babar says he felt he needed some level of exposure. He was offered an Erasmus Mundus scholarship but chose not to take it. He studied at Queen Mary University in London. He says his university was the cheapest among the ones he had gotten into, and that he wanted to work with an investment fund at that university. He says his university choice was more calculated than his bachelor's choice. [1]

Career

After his bachelor's Babar worked for about a year. He spent about two years in consulting. He then worked at another company, which he describes as very interesting. He says he learned basic financial modelling, core finance skills and how to prepare bids at that company. He says a consultant gets broad exposure but rarely deep expertise in one industry. [1]

FWO

At FWO he worked on the project finance team, which handled public-private partnership projects. He built the financial models for the projects the team bid on. FWO bid on projects such as the Lahore-Sialkot Motorway, Swat Expressway and Lahore Ring Road. [1]

Investing and JazzCash

Babar says he joined the startup industry in 2020. He says his first experience was with Bykea. He worked at a firm of growth investors. He says the firm wanted to invest at least five to ten million per deal, which was not the norm at that time. [1]

He says his team led ShopUp's series A together with Sequoia. He says the firm he was part of was shut down, and that it is still live but not operational. He describes that venture firm as more of a spending arm. [1]

Babar says he got a few opportunities within the Jazz group. He says JazzCash seemed the most interesting to him. He accepted an option in the strategy function at JazzCash. [1]

Pakistan Startup Fund

Babar says Ignite is a Section 42 company, something like an NGO. He says Ignite oversees all of Pakistan's National Incubation Centres. He joined the Pakistan Startup Fund around the end of January. He says one reason he joined was that it looked like a very interesting chance for impact. He says there was no team in place and that he built almost everything there from scratch. [1]

He says the Pakistan Startup Fund can provide 30% of a round's total size as a grant. He says the grant means existing investors are not diluted. He says the fund has about PKR 3 billion, roughly 10 million dollars. He says applications are accepted on a rolling basis. [1]

Babar says the Pakistan Startup Fund can never fill the whole gap in Pakistan. He says it fixes about 10 to 15 percent of the problem. He describes a programme for Pakistani startups that want to go to accelerators abroad. He is working on building a fund of funds, which he names as a key project besides the Pakistan Startup Fund and BridgeStart. He describes the fund of funds as a fund that funds local investors, who then back startups. [1]

He says he had been in talks with Uplift AI. He says his team has done about 95 percent of what it can within the rules and regulations of the government. He says he streamlined an application process and made it simple, using a simple Google form. [1]

Views on startups and funding

Babar says he understood that the market was very hot and overvalued at that time. He says the number of users is an important metric and that multiples are built on the user base. He says that in many ways NICs can be considered a failure. He says NICs give opportunities to people who often lacked them. He says the caliber of startups has improved in several Pakistani cities. [1]

He says startups are not the hot word of the day today. He says the impact was very large after 2022, when the bubble burst, so to speak. He says people have started focusing on the sustainability bit of it. He advises startups to keep their money safe while funding is available. He says a startup that expands abroad can double its total available market. [1]

Babar does not see brain drain as necessarily bad. He says the real question is whether Pakistan creates talent fast enough to replace those who leave. [1]

Views on AI

Babar says the AI bubble is very clear. He says funding constraints mean they are not chasing that dragon in that capacity. He says AI is a great equalizer. He says Pakistan and India are starting the AI race together. [1]

He says training and skill development are the primary need for Pakistan's AI future. He says people will not be replaced by AI but by people who use AI. He says he is hopeful and optimistic that they will solve their big industries and big problems. [1]

Other views

Babar says that supporting the lowest common denominator reduces impact to almost zero. He says you can make the hero look like the villain and the villain look like the hero. He says what he is personally a little afraid of is the manufactured situations and manufactured opinions. [1]

He says the way he likes to work is to make things easy to understand. He says a safe atmosphere hinders a person's growth a little. He says mental barriers built by lack of exposure begin to fall away. He says making friends from other walks of life was the most important lesson of his time abroad. [1]

Personal life

Babar says he played Dota 1 on what he calls Pakistan's best team in his time. He says he was one of the best Warcraft 3 players. He says he played a lot of Warcraft and Dota growing up. He says real-time strategy games helped him a lot. He says the best thing you can do in a difficult situation is not react. [1]

He says the reason for coming back is inevitably family. He says he fell in love with the country through his work. He says he was very reserved in new environments. He describes himself as a hopelessly optimistic person. [1]

Timeline

2020
Joined the startup industry.[1]

Appearances

DateTitleWhere
2025-12-03 Pakistan's startup fund covers 30 percent of a round Thought Behind Things

Frequently asked questions

Who is Nayab Babar?

Nayab Babar is Chief Investment Officer at the Pakistan Startup Fund. He says the fund sits inside Ignite, a body under the Ministry of IT.[1]

What does Nayab Babar do?

Nayab Babar is Chief Investment Officer at the Pakistan Startup Fund. He is also working on building a fund of funds, which he names as a key project besides the Pakistan Startup Fund and BridgeStart.[1]

Where did Nayab Babar study?

Nayab Babar studied at Froebels in Islamabad. His bachelor's was a University of London programme taught in Islamabad. He also studied at Queen Mary University in London.[1]

Where is Nayab Babar from?

Nayab Babar's family is originally from Lahore. He moved with his family to Islamabad at age nine.[1]

Where has Nayab Babar worked?

Nayab Babar spent about two years in consulting and worked on the project finance team at FWO. He also accepted an option in the strategy function at JazzCash. He is now Chief Investment Officer at the Pakistan Startup Fund.[1]

What can the Pakistan Startup Fund provide, according to Nayab Babar?

Nayab Babar says the Pakistan Startup Fund can provide 30% of a round's total size as a grant. He says the fund has about PKR 3 billion, roughly 10 million dollars. He says applications are accepted on a rolling basis.[1]

What does Nayab Babar say about brain drain?

Nayab Babar does not see brain drain as necessarily bad. He says the real question is whether Pakistan creates talent fast enough to replace those who leave.[1]

What does Nayab Babar say about AI in Pakistan?

Nayab Babar says Pakistan and India are starting the AI race together. He says training and skill development are the primary need for Pakistan's AI future. He says people will not be replaced by AI but by people who use AI.[1]

References

  1. Pakistan's startup fund covers 30 percent of a round . Thought Behind Things , 2025-12-03.
Show the source passages (100 statements)
  1. Nayab Babar is Chief Investment Officer at the Pakistan Startup Fund. Nayab Babar, Chief Investment Officer at the Pakistan Startup Fund
  2. He says the Pakistan Startup Fund sits inside Ignite, a body under the Ministry of IT. So, Ministry of IT ke under ek idara hai Ignite National Technology Fund ke naam se. Uh the PSF sits inside Ignite, so we are sort of a part of Ignite
  3. He says Ignite is a Section 42 company, something like an NGO. Ignite is a Section 42 company, it's like an NGO sort of
  4. He says the Pakistan Startup Fund's funding comes from the Planning Commission. hamari jo funding hai woh Planning Commission se aati hai
  5. He says Ignite oversees all of Pakistan's National Incubation Centres. Ignite looks after all of them
  6. He joined the Pakistan Startup Fund around the end of January. PSF I joined um in about end of January
  7. He says one reason he joined the Pakistan Startup Fund was that it looked like a very interesting chance for impact. I basically joined it because um mujhe ek toh impact ka bahut interesting mauka lag raha tha
  8. He says the Pakistan Startup Fund can provide 30% of a round's total size as a grant. we as PSF can give 30% of the total round size and hamara portion hoga as a grant
  9. He says the grant means existing investors are not diluted. aapki jo uh investor hai, uski dilution nahi ho rahi uske share mein
  10. He says the Pakistan Startup Fund has about PKR 3 billion, roughly 10 million dollars. overall iski about 3 billion PKR amount hai, which is around 10 million dollars, a little bit more
  11. He says applications are accepted on a rolling basis. the applications are on a rolling basis
  12. He says there was no team in place and that he built almost everything there from scratch. There was no team in place. Uh so woh saara kuch aa ke maine from almost from scratch build kiya wahan pe
  13. He says the Pakistan Startup Fund can never fill the whole gap in Pakistan. PSF uh can never complete the whole gap of Pakistan
  14. He says the Pakistan Startup Fund fixes about 10 to 15 percent of the problem. that's fixing 10 to 15% of the problem
  15. He describes a programme for Pakistani startups that want to go to accelerators abroad. Um what it does is ke Pakistan se jo startups uh bahar accelerators mein jaana chahte hain
  16. He is working on building a fund of funds, which he names as a key project besides the Pakistan Startup Fund and BridgeStart. one of the project key projects that I am working on other than PSF and BridgeStart is building a fund of funds
  17. He describes the fund of funds as a fund that funds local investors, who then back startups. a fund jo ke aapke investors ko funding de aur woh aage se startups ko invest karein
  18. He says he had been in talks with Uplift AI. Uplift se meri baat bhi chal rahi thi
  19. He says his team has done about 95 percent of what it can within the rules and regulations of the government. within the rules and regulations of the government woh humne takreeban 95% saara kiya hai
  20. He says he streamlined an application process and made it simple, using a simple Google form. Toh maine aake processes saare streamline kiye, fix kiye, application process asaan kiya. Just made a simple Google form
  21. His family is originally from Lahore. my family is originally from Lahore
  22. His father was an Air Force pilot who also took part in the 1965 war. my father was an Air Force pilot by profession. He also participated in the '65 war
  23. His father died in a car accident in Abbottabad after he had retired. But afterwards, he passed away when I was very young. He had retired by then. It was a car accident in Abbottabad
  24. He lived with his mother and brother as a child. it was basically me, my mother and my brother who lived together
  25. He moved with his family to Islamabad at age nine. we moved to Islamabad when I was nine years old
  26. He grew up in a joint family with cousins. We did live in a joint family setup and there were some cousins as well
  27. He says he regards himself as coming from a privileged class. I would still classify myself as among the privileged class
  28. He studied at Froebels in Islamabad. Islamabad mein I studied in Froebels
  29. He took his O-levels at Froebels and at one other school. Froebels mein and Beacon mein pehle woh kiya basic O-levels
  30. He says he was never the best student. I was never the best student
  31. He got B grades in O-levels and C grades in A-levels. I got B's in O-levels and C's in A-levels
  32. His bachelor's was a University of London programme taught in Islamabad. jo University of London wala tha, that was in Islamabad. It was that program through the University College Islamabad
  33. He says that is how he started in accounting and finance. that's honestly how I started accounting and finance
  34. He sat the first CFA exam alongside his bachelor's studies. woh bhi maine first exam apna de diya apne bachelors ke saath hi
  35. After his bachelor's he worked for about a year. Right after bachelors, I I started a year of job
  36. He also taught for a year at the same university where he had studied. maine ek saal padhaya bhi usi university mein jahan pehle saal bade bare minimum grades aaye thay
  37. He says he had already done CFA level 2. I had already done CFA level 2 tab tak toh padhai mein mujhe as such zaroorat nahi thi
  38. He says he felt he needed some level of exposure. I felt I needed some level of exposure
  39. He was offered an Erasmus Mundus scholarship but chose not to take it. I had a Erasmus Mundus mein bhi ek scholarship mil gayi thi but I decided not to go there
  40. He says his university was the cheapest among the ones he had gotten into. It was the cheapest among the ones that I had gotten into
  41. He wanted to work with an investment fund at that university. Hamari jo university thi usme ek investment fund tha. I wanted to work in that
  42. He studied at Queen Mary University in London. I was in London. I was in Queen Mary University
  43. He says he was very reserved in new environments. when you are in new environments, I used to be very you know reserved and on the back foot
  44. He says he played Dota 1 on what he calls Pakistan's best team in his time. Pakistan ki best Dota 1 team mein main tha
  45. He says he was one of the best Warcraft 3 players. Warcraft 3 ka bhi I was one of the best players
  46. He says he played a lot of Warcraft and Dota growing up. I used to play a lot of Warcraft and Dota
  47. He says real-time strategy games helped him a lot. woh RTS ne mujhe waqai mein bahut help kiya
  48. He says the best thing you can do in a difficult situation is not react. the best thing you can do is not react
  49. He spent about two years in consulting. Uh I spent a little over a year at uh almost two years at consulting. Uh Grand Thornton International
  50. He then worked at another company, which he describes as very interesting. Uh then Bridge Factor ek aur badi interesting um company thi
  51. He says he learned basic financial modelling, core finance skills and how to prepare bids at that company. maine wahan seekha bahut kuch uh with respect to you know basic financial modeling, basic jo aapke finance ke core skills hain, bids kis tarah karni hai
  52. He says a consultant gets broad exposure but rarely deep expertise in one industry. I never went too deep into any of those industries because as a consultant you it's very hard for you to be a deep level expert in any one industry
  53. He says a senior from an earlier job arranged his interviews at FWO. he um um made the effort to bring me in, interviews wagera karwaye
  54. The FWO leadership liked him, and he joined. the leadership there liked me toh main bas join kar liya
  55. He calls FWO probably his favorite place to have worked. I went into FWO which was uh probably my favorite place that I've ever worked
  56. He says FWO had small hierarchies and quick decisions. Small hierarchies, quick decision making, log available hote the
  57. He says FWO gave him more liberty than he found anywhere else in his career. we were given so much liberty jo mujhe career mein almost aur kahin bhi nahi mili
  58. At FWO he worked on the project finance team, which handled public-private partnership projects. I was part of the other team which was doing the project finance ki cheezein. Usme public private partnership projects hote the
  59. At FWO he built the financial models for the projects the team bid on. So woh jitne bhi hum projects ke liye bid karte the woh main banata tha
  60. FWO bid on projects such as the Lahore-Sialkot Motorway, Swat Expressway and Lahore Ring Road. hum different projects pe bid karte the like Lahore-Sialkot Motorway, Swat Expressway, Lahore Ring Road
  61. He says the reason for coming back is inevitably family. wapas aane ka reason inevitably family hi hota hai
  62. He says he fell in love with the country through his work. jab maine kaam kiya toh I've fallen in love with the country
  63. He says his team led ShopUp's series A together with Sequoia. that was ShopUp. Um we led the series A with Sequoia
  64. He says the firm he was part of was shut down, and that it is still live but not operational. Toh woh hamara was basically shut shut down uh us uh time mein. It's still live but it's not really operational
  65. He describes that venture firm as more of a spending arm. because Vion Ventures was more the spending arm, the fun luxurious spending arm
  66. He says he got a few opportunities within the Jazz group. I got a few opportunities within the Jazz fraternity
  67. He says JazzCash seemed the most interesting to him. Jazz Cash sabse interesting lag raha tha
  68. He accepted an option in the strategy function at JazzCash. wahan ki strategy function mein mujhe basically uh option aayi toh uh I was lucky enough to be, you know, considered and uh maine us pe haan keh diya
  69. He says he understood that the market was very hot and overvalued at that time. market toh shadeed hot aur overvalued hai is waqt
  70. He says the number of users is an important metric and that multiples are built on the user base. number of users ek metric hai bada important aur users ki base pe aapke multiples bante hain
  71. He says he joined the startup industry in 2020. I joined this industry in 2020
  72. He says his first experience was with Bykea. mera first experience Bykea ka tha
  73. He worked at a firm of growth investors. hum log growth investors the V-on Ventures mein
  74. He says the firm wanted to invest at least five to ten million per deal, which was not the norm at that time. Hum aath million, 10 million, paanch million kam az kam dena chahte the, which even at that time was not the norm
  75. He says that in many ways NICs can be considered a failure. NIC in many ways can be considered a failure
  76. He says NICs give opportunities to people who often lacked them. NICs give opportunities to people who often did not have opportunities
  77. He says the caliber of startups has improved in several Pakistani cities. 2025 mein ab jab main caliber of startups dekh raha hoon in uh Lahore, Karachi, even Peshawar, even Islamabad, maine kaafi improvements dekhi hain
  78. He says startups are not the hot word of the day today. that's just because startups are not the hot word of the day today
  79. He says the impact was very large after 2022, when the bubble burst, so to speak. hamein impact bahut zyada hua after 2022 uh uh jab bubble burst hua so to speak
  80. He says people have started focusing on the sustainability bit of it. people have started focusing on the sustainability bit of it
  81. He advises startups to keep their money safe while funding is available. keep your money jab paise mil rahe ho lo and then keep it safe
  82. He says a startup that expands abroad can double its total available market. unki jo total market size, jo total available market size hai, woh ek dum se ek mulk se double ho ke dusre mulk tak chala jaata hai
  83. He does not see brain drain as necessarily bad. I don't necessarily subscribe to the thought ke yeh brain drain is a bad thing
  84. He says the AI bubble is very clear. AI bubble is very clear. Wo to bada nazar aata hai
  85. He says funding constraints mean they are not chasing that dragon in that capacity. we are not chasing that dragon uh in that capacity because obviously funding ki constraints hain hamari
  86. He says AI is a great equalizer. AI actually is the great equalizer
  87. He says Pakistan and India are starting the AI race together. AI mein technically they them and us are starting the race together
  88. He says training and skill development are the primary need for Pakistan's AI future. Usme primary cheez mere opinion mein hai is training and skill development
  89. He says people will not be replaced by AI but by people who use AI. you will not be replaced by AI but you will be replaced by people who use AI
  90. He says the real question is whether Pakistan creates talent fast enough to replace those who leave. Question yeh hai ke kya are you creating talent fast enough to rapidly replace the talent that is leaving
  91. He says he is hopeful and optimistic that they will solve their big industries and big problems. I am hopeful and optimistic ke hum bhi jo apni bade industries hain aur jo bade problems hain unko hum solve karenge and inshallah karenge
  92. He says that supporting the lowest common denominator reduces impact to almost zero. Woh lowest common denominator ko support karte karte karte karte woh impact bilkul zero ho jaata hai
  93. He says you can make the hero look like the villain and the villain look like the hero. you can make the hero look like the villain and the villain look like the hero
  94. He says what he is personally a little afraid of is the manufactured situations and manufactured opinions. What I am personally perhaps afraid a little bit is about the manufactured situations jo banti hain, jo opinions bante hain
  95. He describes himself as a hopelessly optimistic person. main bhi ek bada hopelessly optimistic insaan hoon. Um I try to find the good in most situations
  96. He says the way he likes to work is to make things easy to understand. the way I like to work is ke I like to make things easy to understand, clean, crisp, easy to use
  97. He says a safe atmosphere hinders a person's growth a little. that safe atmosphere, toh woh aapki growth mere opinion mein toh hinder hoti hai thodi si
  98. He says mental barriers built by lack of exposure begin to fall away. mental barriers jo hamare bane hote hain just because of lack of exposure, woh kaafi hatna shuru ho jate hain
  99. He says making friends from other walks of life was the most important lesson of his time abroad. this is the most important one, making friends from other walks of life
  100. He says his university choice was more calculated than his bachelor's choice. It was a much more calculated decision than my bachelors decision