bykea pakistan

Written by Paradigm Shift 5:47 pm Pakistan Unveiled

Bykea: Driving Fintech in Pakistan

Founded to provide accessible options to the public and businesses, Bykea is now looking to advance into fintech. It will use the $10 million it received in fresh funding to boost its fintech services in Pakistan.
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Bykea, the company behind the all-in-one app for transportation, logistics, cash-on-delivery payments, and the leading on-demand ride-hailing and logistics service in Pakistan, recently secured $10 million in fresh funding. The funding came from existing backers – mainly Prosus Ventures, MEVP, Sarmayacar, Tharros, and Ithaca Capital – who understand the rising demand for online services in the country.

Led by Muneeb Maayr, Founder, and Jonas Eichhorst, Executive Chairman, Bykea is a huge on-demand platform which runs on the rails of a network of motorbikes, serving transport and delivery services for over 40 million people in the urban centres of Pakistan i.e., Islamabad, Lahore & Karachi.

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Bykea is now aiming to effectively utilize its fleet to get into the fintech arena – including cash on delivery (COD), cash-pickup, or verification services. With over 60,000 driver-partners, it is now ready for expansion of services. Bykea also aims to facilitate SMEs and consumers by enhancing its mobility and fulfilment services. This includes (but is not limited to) food and e-commerce deliveries.

While discussing the development, Jonas Eichhorst (Executive Chairman of Bykea) stated, “These are exciting times of high growth for us 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.”

“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.”

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