Interview with Naiel Oberoi Ikram, Managing Partner at Gobi Partners Pakistan: ‘One unicorn does not create an ecosystem’

In an interview with Business Recorder, Naiel Oberoi Ikram, managing partner at Gobi Partners Pakistan, discussed Fasset's rise to a US$1 billion valuation. The company now serves customers in 125 countries, handles more than 3 million wallets and works with over 1,000 enterprise clients. Its revenue has multiplied about six times over in annual terms, and it is turning a profit. Ikram declined to disclose Fatima Gobi Ventures' cheque size, ownership percentage or fund-level returns.

Ikram argued that the valuation rests on scale, profitability and defensibility rather than market sentiment, and that one outcome cannot prove an ecosystem has matured. He identified scarce follow-on capital as the top obstacle for Pakistan-linked companies, noting that domestic pension funds, insurers and family offices remain thinly invested in venture. Startup funding in 2025 reached US$38 million, against US$32.3 million a year earlier, though it remained far below the US$347 million raised in 2021.

Ikram also described FGV's post-investment support, such as introductions to customers and follow-on investors, senior hiring help and governance structures. He said Pakistan-focused companies benefit from pairing Gobi's regional network with Fatima Group's operating relationships in Pakistan. On country risk, he argued that revenue location, currency mix and regulatory base matter more than where a company is founded, pointing to Fasset being valued on global comparables.