Bykea, Pakistan’s leading bike-ride sharing, and on-demand delivery platform announced today that it has secured a fresh $10M investment from its existing backers.
Investors in Bykea include Prosus Ventures, MEVP, Sarmayacar, Tharros, and Ithaca Capital. In the last two years, Bykea has seen exponential growth in the three cities in which it operates: Karachi, Lahore, and Islamabad; the public found an affordable means of transportation and on-demand fulfillment in Bykea.
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 5 million 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, shared.
“These are exciting times of high growth for us at Bykea and we are grateful for the continued support of our existing backers. With 1.7 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,” cited Jonas Eichhorst, Executive Chairman of Bykea.
He further added,
“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.”
Rabeel Warraich, Founder at Sarmayacar said,
“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.”
Bykea is the largest on-demand platform by transaction count in Pakistan. It runs on the rails of a network of motorbikes serving transport and delivery services for 40 million citizens in urban Pakistan. Bykea’s suite of services includes two-wheeler ride-sharing, instant deliveries, offline to online commerce, and payment services for small businesses delivering parcels, and food-collecting payments.
The company’s services help move people, parcels, and payments efficiently in a safe, reliable, and inexpensive way. The way it works is through the utilization of a bike as the primary mode of transport which outnumbers the cars by three times in Pakistan. This is due to the fact that bikes are able to get through the congested streets and narrow alleyways of cities faster than a rickshaw or a car. This makes the overall model of Bykea impactful from the consumer perspective.