Home Business Pakistan’s on-demand platform Bykea raises $13 million in Series B funding

Pakistan’s on-demand platform Bykea raises $13 million in Series B funding

Pakistan’s on-demand platform Bykea raises $13 million in Series B funding
Bykea, a Pakistan-based on-demand transport & logistics platform, announced today that it has raised a
Series B funding round led by Prosus Ventures (formerly Naspers Ventures). The round, which brought
the total funds raised to US$22m, saw participation from existing investors Middle East Venture Partners
and Sarmayacar.
As the pioneer and leader in motorbike taxi and on-demand delivery in Pakistan, Bykea plans to invest
significantly in its platform strategy leveraging its peak active driver fleet of 30K+ in 2020 for cross
utilization in e-commerce logistics, food and payment services in 2021. The fresh capital will also be used
to expand Bykea’s market reach in smaller cities where international players have struggled to grow
their English-language platforms in a country where no more than 10% comprehend English.
“Bykea is one of the few internet businesses offering an interface in the Urdu language and we drive our
competitive advantage from being highly localized. This approach has helped us become the preferred
partner for part-time motorbike gig workers. Our brand is now widely used as a verb for bike taxi and 30
minute deliveries, and the fresh capital allows us to expand our network to solidify our leading position”
said Muneeb Maayr, Founder at Bykea.
The three cities Bykea operates in, Karachi, Rawalpindi and Lahore, have a combined population of 30
million people. Public transportation is underserved in all three cities, but these urban centers drive the
economy of the 5
th most populous country in the world. Motorbikes are the rails for distributors,
couriers, ecommerce retailers and restaurants to move goods and collect receivables, almost entirely in
cash in one of the least banked countries in the world. With 17 million two-wheelers in Pakistan; 4x the
number of cars; Bykea offers millions of people the chance to earn an income by tapping into the
tremendous opportunity in the country for both transport and hyperlocal commerce.
“Pakistan is primed to experience extremely strong growth in internet services over the next decade,
with a rapidly increasing middle class. This growth provides immense opportunity for companies like
Bykea that are transforming big societal needs like transportation, logistics and payments through a
technology-enabled platform. Bykea has already seen impressive traction in the country and with our
investment will be able to execute further on their vision to become Pakistan’s ‘Super-App’.” said Fahd
Beg, Chief Investment Officer, Prosus.

Must Read

realme manifested to improve picture quality through innovation by introducing 64MP camera

realme has launched some best camera phones in the market. They have matched all the requirements of the customers. The increasing quality and features...

OPPO Places Primary Focus on Crafting an Ideal User-Centric Customer Experience Through their IoT Ecosystem

OPPO has been making waves ever since it entered the Pakistani market in 2015 with its high-quality smartphones. Having recently released the ultra-sleek new...

Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Advisory Committee for the release of Next Generation Mobile...

Federal Minister for Finance and Revenue, Dr. Abdul Hafeez Shaikh, chaired the meeting of the Advisory Committee for the release of Next Generation Mobile...

vivo Y12s Debuts in Pakistan with 5000mAh Battery and Side-Mounted Fingerprint

vivo, the leading global smartphone brand today announced the launch of the newest member in the Y series, vivo Y12s in Pakistan. With the...

BankIslami enables its account holders on NIFT ePay

BankIslami enables its account holders on NIFT ePay BankIslami signs up with NIFT ePay for Digital Commerce Payments   Karachi: BankIslami, in line with its vision to...