Innovation
Challenge Fund

Launched in 2016 with funding from the UK's Foreign, Commonwealth, and Development Office (FCDO), ICF addresses challenges in financial inclusion and entrepreneurship, focusing on barriers faced by SMEs, women, and youth

Apply for Fund

Applications Open:

21st November, 2023

Applications Close:

5th December, 2023

About the Challenge

ICF fund rounds are led by a lean team and an advisory committee of experts that manages selection and funding decisions.

During a challenge fund round, calls for proposals are issued against a predefined problem. Winners are selected through a competitive process and are provided risk capital or grants, depending on the nature of the theme and objectives of a round. Given the scale and scope of Karandaaz’s work, the ICF remains agile and dynamic in its approach to designing challenge rounds and supporting winners.

Apply for an ongoing Karandaaz Challenge and win grant funding to bring your solutions to life.

Go to ICF Website

Eligibility criteria

Karandaaz Pakistan invites local technology companies, e-commerce companies, financial
institutions, or any registered companies with experience in developing e-commerce platforms
relevant to the SME sector in Pakistan. The grant application process involves a proposal
evaluation based on the criteria outlined in the Terms of Reference.

  • Applicant firms must be formally registered and have a valid NTN number.
  • Firm must have an operational history of at least 2 years.
  • Project should be implemented and piloted/scaled-up within a maximum of 3 years.
  • Consortiums, especially between tech providers and FIs, are encouraged, with each entity licensed for their assigned service.
  • Proposals can be submitted without prior EOI, with a deadline of 10th January 2023.
  • Applicants must read the RFP guidelines before submission.
  • Karandaaz offers concessional finance (debt and/or risk cover) for project implementation and piloting/scale-up.

Key evaluation criteria include the applicant’s academic preparation, motivation, clarity and
depth of the project description, quality of the written proposal, ability to place the project in
a broader context, and the quality of mentoring support.

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