Bike-hailing and on-demand delivery platform Bykea announced on Monday that it has raised a fresh $10 million investment from its existing backers. This takes the startup’s total funding till date to $32M.
Investors include Prosus Ventures, Middle East Venture Partners, Sarmayacar, Tharros, and Ithaca Capital. This funding comes almost two years after the startup had raised a $13M Series B in September 2020.
The company plans to use the capital to further its super app vision. According to a press statement, it wants to expand its footprint in mobility and fulfillment services for consumers and SMEs, including food and e-commerce deliveries, as well as leverage the fleet for fintech use cases like cash on delivery.
“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.
“With 1.7 million monthly active users, 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 claimed the company has grown 5x compared to pre-pandemic level and achieved profitability in the mobility segment.
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.”