The ride-sharing and delivery startup, Bykea raised $10 million in fresh funding from its existing backers, as the company seeks to expand its offerings. The investors included Prosus Ventures, MEVP, Sarmayacar, Tharros, and Ithaca Capital.
Bykea raised $10 million to tap the rising demand
According to Bloomberg, Bykea raised $10 million from its existing backers to tap the rising demand for online services in the country. According to Bykea, it plans to use the funds to extend its services, in mobility and fulfillment services for consumers and SMEs, including food and e-commerce deliveries as well. Bykea is an emerging Pakistani startup that has garnered the attention of several global venture investors. According to the company’s statement; “It runs on the rails of a network of motorbikes serving transport and delivery services for 40 million citizens in urban Pakistan.”
Bykea’s Executive Chairman, Jonas Eichhorst, said; “We see an enormous opportunity to serve the middle class by offering easy, affordable, and convenient transport and logistics solutions.” He further added; “With 1.7 million monthly active users (MAUs), we see an enormous opportunity to serve the middle-class by offering easy, affordable, and convenient transport and logistics solutions.”
The volatile ride of Pakistani start-ups
According to a Deal Flow Tracker by Invest2Innovate, during the first quarter, the startups have raised a substantial $163 million, while in 2021 the country registered a record of 81 deals worth $350 million. During these unprecedented times, Pakistan is witnessing extreme ends on both sides, including, the continuation of fund-raising momentum and rollback of services.
Recently, Airlift and Truck It announced layoffs in their companies while SWVL suspends its intra-city services all because of the economic downturn. Recently, Careem has suspended its food delivery operations while Vava Cars have also wrapped up its business from Pakistan. At the same time, we have seen Dastgyr, a B2B marketplace, scoring Pakistan’s largest series A funding of $37m.
Read more: B2B E-Commerce Startup Dastgyr Raises $37 Million Funding in Series A Round
