inDrive, a global mobility and urban services platform operating in 48 countries, together with startup intelligence platform Dealroom, has released a new research report identifying Pakistan as one of the most promising “new frontier” tech ecosystems globally.
The report, The Rapid Rise of Pakistan Tech, finds that Pakistan’s startup enterprise value has grown more than 3.6 times since 2020, ahead of markets such as India, New York and London, and second only to the Bay Area.
As Pakistan’s number one ride-hailing platform, inDrive has been closely connected to this momentum and is expanding its role from operator to ecosystem investor. The report notes that capital scarcity remains the key constraint in “new frontier” markets and highlights the importance of operators with scale, local presence and market knowledge.
inDrive’s shift toward a SuperApp model provides founders with access to a large user base, operational infrastructure, distribution channels and AI-first systems, helping reduce execution risk in a market where traditional venture capital remains limited. The report also finds that operator-led investors are well positioned to support under-capitalised segments, including women-led startups. One example is inDrive Ventures’ investment in the Pakistani grocery platform Krave Mart.
Andries Smit, Chief Growth Businesses Officer, inDrive, said: “Pakistan is an emerging tech ecosystem with all the right fundamentals in place: strong founders, growing digital adoption and clear demand. As the number one ride-hailing platform in the market, inDrive has seen this first hand. That is why we are increasingly moving beyond being an operator to also becoming an ecosystem investor, combining capital with operational expertise, infrastructure and distribution. In frontier markets like Pakistan, operators that make this transition can play a critical role in accelerating the startup ecosystem.”
Pakistan was selected as the inaugural market for the research due to its strong fundamentals, rising digital adoption and growing relevance within inDrive’s operational footprint. Demographic drivers include a young working-age population, increasing smartphone penetration and 190 million active SIM connections recorded in early 2025. Internet use remains below 46 percent, indicating significant room for further digital expansion.
The country now has more than 170 VC-backed startups with a combined enterprise value exceeding $4 billion. Younger companies have expanded rapidly, with post-2015 VC-backed startups growing 11.3 times since 2020, outpacing all major global tech hubs. The country is home to 13 Colts generating between $25 million and $100 million in annual revenue and continues to attract international interest. Among its startup landscape, fintech, transportation, marketing and food are the biggest sectors.
The study positions Pakistan firmly within the category of “new frontier” ecosystems, fast-growing and high-potential markets now attracting 11 percent of global venture capital investment. While Pakistan still accounts for a small share of overall enterprise value, the analysis identifies a defining moment where early, engaged operators can shape long-term outcomes.
