Earlier we had shared with you the news of Patari bagging Sarmayacar’s patari … well, the details are finally out! The online music streaming service, announced on Friday that it has received an investment of US$ 200,000 from Sarmayacar, a global network of investors.
Patari is an online Pakistani music streaming service started in February 2015 by co-founders, Khalid Bajwa, Iqbal Talaat Bhatti and Humayun Haroon. The service offers music streaming from a catalog of tens of thousands of songs of renowned Paksitani artists and bands. Patari is also known as the largest music streaming service in Pakistan.
The US$ 200,000 investment was announced on 30th December at an event held in Lahore. The event was attended by representatives from both Parties. Notable attendees included: Dr. Umar Saif, Chairman PITB; Nabeel A. Qadeer, Director Entrepreneurship and Enterprise Development; and Rabeel Warraich, founder of Sarmayacar.
Speaking at the event, Chief Executive Officer of Patari, Mr. Khalid Bajwa 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.”
Sarmayacar is a global network of investors which aims at investing in Pakistani startups. According to their official website, the investment firm largely focuses on a seed stage funding of Pakistani startups. Rabeel Waraich, the 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.”
Dr. Umar Saif, Chairman PITB, who has a leading role in promoting innovation and entrepreneurship in the country, also spoke at the event. He said:
“What started as an idea a few years ago has now spread like a wildfire across the country. Witnessing the remarkable growth of this startup culture and majorly being a part of it feels amazing. 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.”
Patari started its journey in early 2015. In April of the same year, the company launched its beta version. However, Patari introduced its iOS and Android app late in 2015. Patari has bagged the mBillionth award, the Pakistan’s Startup Cup and was seeded 2nd in the World Startup Cup Competition. Patari also became the first Pakistani startup to participate in the Facebook’s F8 program.
Some of the highly-rated musical releases by Patari included the soundtracks of film Ho Mann Jahan and Bin Roye. The service also reserves the digital rights to release the music albums of some of the renowned Pakistani bands and artists including Noori, Mooroo and Uzair Jaswal.