KARACHI: Jaffer Business Systems (JBS) has invested Rs300 million to acquire significant share of Energy N Automation (ENA) , a green tech, power and internet of things startup, a statement said on Thrusday.
The investment agreement was signed between JBS and ENA in an online ceremony, while adhering to Covid-19 SOPs. JBS is amongst the leaders in Pakistan’s IT industry.
After acquiring significant share of Blutech four years ago, ENA is the second startup to become part of JBS.
JBS CEO Syed Veqar Ul Islam said, “Against common belief, it is observed that only 16 percent startups fail due to lack of access to finance.
Our model of investment, while promoting entrepreneurship, provides for the structure and platform, which is essential to the success of a new setup.”
ENA CEO Amir Salman said, “As we move into the future, our IoT used cases will develop connectivity that helps reduce power consumption and provides for a better control of electricity bills and saves against misuse.”
ENA was founded in 2016. It provides IoT and power solutions to businesses focusing on the financial sector. Its mission is to connect the world through IoT and contribute to a greener world by reducing carbon footprint and fuel consumption, thus redefining power, and connectivity.
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