Maqsad Raises $2.1M to Expand Accessible Education in Pakistan

Maqsad: A New Mobile Education Platform for Pakistan

Earlier this year, Taha Ahmed and Rooshan Aziz transitioned from their careers in strategy consulting and investment banking in London to establish Maqsad, a mobile-first education platform, in Pakistan.

Their objective is to broaden educational access for approximately 100 million Pakistani students.

Addressing Educational Challenges in Pakistan

Growing up in Karachi, Ahmed and Aziz possess firsthand knowledge of the difficulties within the Pakistani education system.

These challenges are particularly pronounced for students residing outside of major urban centers, where the student-teacher ratio currently stands at 44:1.

Distance to school significantly impacts school attendance, with girls being disproportionately affected – four times more so, according to Aziz.

Securing Pre-Seed Funding

Maqsad recently announced the successful completion of a $2.1 million pre-seed funding round to fuel platform development and research & development initiatives.

This funding was secured in just three weeks through virtual meetings.

The round was spearheaded by Indus Valley Capital, with contributions from Alter Global, Fatima Gobi Ventures, and various angel investors spanning Pakistan, the Middle East, and Europe.

Strategic Allocation of Funds

The capital raised will be allocated towards building an in-house content creation team.

This team will encompass production studio personnel, academic specialists, and animators.

Further investment will be directed towards strengthening R&D and engineering capabilities, as Aziz explained to TechCrunch.

Focus on K-12 Education

Maqsad’s initial focus will be on K-12 education in Pakistan, specifically 11th and 12th grade mathematics.

Plans are in place to extend into other STEM subjects within the next one to two years.

Platform Features and Personalized Learning

Maqsad’s platform serves as a comprehensive resource for after-school academic content, delivered in both English and Urdu.

The learning experience is enhanced through quizzes and gamified elements, designed to provide a personalized educational journey.

Adaptive testing is a key feature, adjusting question difficulty based on user performance, as detailed by Aziz.

The Meaning of "Maqsad"

The name “Maqsad” translates to “purpose” in Urdu.

“We believe everyone has a purpose,” Aziz stated, “and Maqsad aims to empower Pakistani students to discover theirs, regardless of their location – whether it’s a city like Lahore or a remote village in Sindh.”

Mobile-First Approach

Recognizing that 95% of Pakistani broadband users access the internet via mobile devices, Maqsad is being developed as a mobile-first platform.

Aziz emphasized that many existing platforms lack adequate mobile optimization.

Beyond Exam Preparation

Co-founder Taha Ahmed, formerly a strategy consultant at LEK, articulated a vision extending beyond simply helping students pass exams.

“We want to initiate a transformation in how Pakistani students learn, shifting from rote memorization to genuine understanding.”

Launch and Initial Traction

Following small-scale pilots in April and May, Maqsad commenced full-scale operations on July 26th.

The company’s mobile app, currently under development, is slated for release in Q4 2021, with a waitlist already established for early access.

The Pandemic's Influence

Aziz noted that the challenges students faced during the initial stages of the pandemic prompted the pilot program.

Positive initial results and user feedback underscored the significant opportunity to digitize the education sector.

Edtech Growth in the Region

The COVID-19 pandemic accelerated growth within the global edtech industry, increasing access to online education in countries like India and Indonesia.

Market Size and Future Expansion

The education market in Pakistan is currently valued at $12 billion and is projected to reach $30 billion by 2030, according to Aziz.

Long-term plans include evolving into a hybrid model, offering both online and offline courses, similar to Byju’s and Aakash.

Expansion into adult education, mirroring platforms like MasterClass, is also envisioned.

Investor Confidence

Aatif Awan, founder and managing partner of Indus Valley Capital, expressed confidence in the Maqsad founders’ understanding of the problem, their innovative approach, and their commitment to social impact.

Ali Mukhtar, general partner of Fatima Gobi Ventures, added that Pakistan’s edtech sector presents a substantial opportunity.

He expressed excitement about supporting Maqsad in delivering tech-powered education that promotes equitable access, quality, and positive social change throughout Pakistan’s youth.