Bykea—a ride-sharing service for on-demand transportation and related services, on Tuesday announced that it has completed a $5.7million series A round of financing from the Venture Capital (VC) fund Sarmayacar and South East Asia and the Middle East institutional investors.
The financing would be used in funding the expansion of Bykea in ride-sharing, conversion of cash for digital use and express delivery both for the consumers and the businesses across Pakistan.
Bykea was funded by a bunch of investors in a round-headed by Ithaca Capital who have made many pioneering project capital investments in the country.
Its foundations were laid by the veterans from logistics and e-commerce Rafiq Malik, Abdul Mannan, Muneeb Maayr and Ishaq Kothawala.
Bykea has got a network of motorcycle owners to provide transportation to people and parcels permitting them to complement their incomes while giving cost-effective logistics solutions.
It claims to have got more than 2lac motorbike owners in its network who have installed the application of Bykea to connect with more than 2million users in the cities of Lahore, Rawalpindi, Karachi and Islamabad.
Muneeb Mayr—the CEO and founder of Bykea on the occasion said that they aim to solve technology adoption and economic activity for the 200million people in Pakistan by permitting the users to connect with one another through simple steps via voice chat or in their national language that is Urdu.
He added that they are also working with the top telecommunication providers to provide phone features for the not-so-smart phones for remaining in touch with the driver partner network of part-timers.
Rabeel Warraich—the Sarmayacar Managing Partner said that they are happy to join Bykea on its journey of building affordable technology solutions that would create income-generating opportunities for many people in Pakistan, while at the same time addressing the challenges in the transportation, payment and logistics sectors of the country.
Haider Ali Hilaly—the Ithaca Capital Managing Director said that they are happy for the next round of development of Bykea and welcomes the institutional investment that brings related expertise from the other growing markets to the firm.