Bykea, a bike ride-sharing and delivery startup based in Pakistan announced on Monday that it had received $10 million in new capital from its existing investors.
By “leveraging its fleet of over 60,000 driver partners for unique fintech use cases like cash on delivery (COD), cash-pickup, or verification services,” the business says it will expand the range of services it offers.
Bykea continued by saying that it intended to use the funds to improve and broaden the scope of the mobility and fulfillment services it provided to consumers and SMEs, including food and e-commerce delivery.
“These are exciting times for us as we experience rapid expansion, and we appreciate the support that our current backers have shown us so far,” “Bykea’s executive chairman, Jonas Eichhorst, was quoted in the statement.
“We see a huge chance to serve the middle class by providing simple, cost-effective, and practical transport and logistics solutions thanks to our 1.7 million monthly active users (MAUs).
We take special pride in being able to constantly provide three essential components: quick growth (five times our pre-pandemic scale), profitability in mobility, and the adaptability of the largest motorcycle fleet in the nation.
Bykea, which operates across Karachi, Lahore, and Islamabad, is Pakistan’s largest on-demand platform by a number of transactions and has had exponential development over the past two years. The company went on to say that the system “works on the rails of a network of motorbikes delivering transit and delivery services for 40 million inhabitants in urban Pakistan.”
The announcement comes at a time when Pakistan’s startup community is going through a rough patch.
Image Credit: Bykea
