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Pakistan’s Superapp secures $13m Series B

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Bykea, a Pakistan on-demand transport, logistics, and payments platform announced in a press release dated September 30, 2020 that it has raised US$13 million Series B round of funding.

The round of funding was led by Prosus Ventures, the venture arm of global internet group Prosus with participation from Dubai-based venture firm Middle East Venture Partners and Pakistan-based venture firm Sarmayacar as well, the company said in the press release.

Middle East Venture Partners and Sarmayacar are returning investors in the company, having invested in its $5.7 million Series A round in 2019. The round was led by Sarmayacar.

According to the statement, this latest round of financing takes the startup’s total funding to date to USD$22 million.

Bykea will invest the fresh capital in its expansion agenda. Particularly acquiring 30,000 drivers across e-commerce logistics, food and payment services the statement noted.

Fahd Beg, the Chief Investment Officer at Prosus, said, “Pakistan is primed to experience extremely strong growth in internet services over the next decade, with a rapidly increasing middle class. This growth provides immense opportunity for companies like Bykea that are transforming big societal needs like transportation, logistics and payments through a technology-enabled platform. Bykea has already seen impressive traction in the country and with our investment will be able to execute further on their vision to become Pakistan’s ‘Super-App.”

 

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