Bykea raises $10M to tap rising demand for online services including its offerings in mobility and fulfillment services for consumers and SMEs.
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Bykea, Pakistan’s bike-ride sharing and on-demand delivery platform has secured $10M investment from its existing backers including Prosus Ventures, MEVP, Sarmayacar, Tharros, and Ithaca Capital.
Pakistan aggregated over $140M in the first quarter of the year marking a 408% QoQ growth compared to Q1’21, as seen in our Pakistan Q1 2022 Venture Investment Report. The hero of the Transport & Logistics sector in Pakistan was Truck It In bringing in $13M in its SEED round. Across EVM’s, the sector recorded a QoQ growth of over 80% in capital invested accounting for 11% of all VC deals and 8% of all venture capital deployed into EVM startups over Q1’22, as seen in our Transport & Logistics Q1 2022 Venture Investment Report. The sector saw a number of deals closed by Q-commerce, Freight Management, and Asset-Light Courier solutions startups including UAE’s TruKKer and AHOY, Iraq’s BALY, and Egypt’s Naqla. As Pakistan battles political and economic turmoil, startups are announcing sizable rounds including the rounds recently closed by Rider ($3.1M SEED extension), and Dastgyr’s $37M Series A.
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In the last two years, Bykea has seen exponential growth providing an affordable means of transportation and on-demand fulfillment. “These are exciting times of high growth for us at Bykea and we are grateful for the continued support of our existing backers. With 1.7M monthly active users (MAUs), we see an enormous opportunity to serve the middle-class by offering easy, affordable, and convenient transport and logistics solutions. We’re particularly proud of being able to consistently deliver three key ingredients- rapid growth (5 times our pre-pandemic scale), profitability in mobility, and the versatility of the largest motorbike fleet in the country.” cited Jonas Eichhorst, Executive Chairman of Bykea.
Rabeel Warraich, Founder at Sarmayacar also commented on the investment, “This round reflects existing investors’ continued belief in Bykea’s execution excellence and attractive growth profile, underpinned by a focus on sustainable unit economics and second to none capital efficiency. We are convinced that this injection will cement Bykea’s position as a clear category winner in Pakistan.”
The company plans to use the capital to enhance and extend its leading position in mobility and fulfillment services for consumers and SMEs, including food and e-commerce deliveries, as well as leveraging its fleet for unique FinTech use cases like cash on delivery (COD), cash-pickup services, or verification services. “With this fresh investment, we are excited to continue to serve our 5M base of customers. We continue to provide them with an affordable and on-demand method of moving people, money, and parcels, while simultaneously providing livelihoods for over sixty thousand driver partners every month,” Muneeb Maayr, Founder of Bykea, concluded.
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