Pakistan’s top platform for on-demand deliveries and bike ride-sharing revealed that it has received a new $10 million investment from its existing investors.
Prosus Ventures, MEVP, Sarmayacar, Tharros, and Ithaca Capital are a few of the investors in Bykea. In the past two years, Bykea has experienced exponential growth in the three cities where it currently operates: Karachi, Lahore, and Islamabad. The public discovered Bykea to be a convenient and inexpensive form of transportation.
In addition to utilizing its fleet for cutting-edge fintech use cases like cash on delivery (COD), cash-pickup services, or verification services, the company plans to use the capital to strengthen and expand its position as the industry leader in mobility and fulfillment services for consumers and SMEs, including food and e-commerce deliveries.
“We are thrilled to continue serving our 5 million base of clients with this new investment. According to Muneeb Maayr, the founder of Bykea, “We continue to give them an economical and on-demand way to move people, money, and packages, while also generating jobs for over 60,000 driver-partners each month.
“At Bykea, we are experiencing exciting times of rapid expansion, and we are appreciative for their ongoing support. With 1.7 million monthly active users (MAUs), Bykea’s executive chairman Jonas Eichhorst stated, “We see a tremendous opportunity to serve the middle-class by offering simple, cost-effective, and practical transport and logistics solutions.
We take special pride in being able to constantly provide three essential components: quick growth (five times our pre-pandemic scale), profitability in mobility, and the adaptability of the largest motorcycle fleet in the nation.
Founder of Sarmayacar, Rabeel Warraich, said:
This round “reflects existing investors’ continued faith in Bykea’s execution excellence and attractive growth profile, supported by a focus on sustainable unit economics and unmatched capital efficiency,” according to the statement. We are confident that Bykea’s position as the undisputed category winner in Pakistan would be cemented by this investment.
In Pakistan, Bykea has the most transactions per platform than any other on-demand service. It is supported by a network of motorbikes that provide transportation and delivery services for 40 million people in Pakistan’s cities. Two-wheeler ride-sharing, immediate deliveries, offline to online commerce, payment services for small enterprises sending packages, and food-collection payments are all part of Bykea’s service offering.
The company’s services assist in effectively moving people, packages, and payments in a safe, trustworthy, and affordable manner. It functions by using bikes as the main form of transportation, which are three times more common in Pakistan than cars. This is because motorcycles can move through crowded streets and small lanes of towns more quickly than a rickshaw or a car. Because of this, the Bykea business model as a whole has a significant impact on consumers.
