Bykea raises $10mn funds to fuel growth

MG News | June 27, 2022 at 02:45 PM GMT+05:00

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June 27, 2022 (MLN): Bykea, the local ride-sharing and delivery startup, raised $10 million from its existing backers to tap rising demand for online services in the country, reported Bloomberg.

Bykea, which focuses on two-wheeler rides, said in a statement Monday it plans to use the funds to extend its services, which include food and e-commerce deliveries, as well as cash pick-up.

The company’s investors include Prosus Ventures, MEVP, Sarmayacar, Tharros, and Ithaca Capital.

With 1.7 million active monthly users and more than 60,000 driver-partners, Bykea offers services in Karachi, Lahore and Islamabad. It’s among an emerging crop of Pakistani startups attracting attention from global venture investors as mobile services gain popularity in the country of more than 200 million people, it added.

“We see an enormous opportunity to serve the middle class by offering easy, affordable, and convenient transport and logistics solutions,” Bykea Executive Chairman Jonas Eichhorst said in the statement.