MEVP invests $2 million in Bykea
Source: MenaBytes
Dubai-based leading regional VC Middle East Venture Partners (MEVP) today announced in a statement to MENAbytes that they have invested $2 million in Bykea, a Pakistani on-demand transport, logistics, and payments startup. The investment that was made a few months ago was part of Bykea’s $5.7 million Series A(which was the largest Series A raised by a Pakistani startup).
At the time, Bykea had said that a Middle Eastern VC had participated in the round without disclosing the name. Saramayacar, Pakistan’s leading VC and an investment firm from Southeast Asia were the other investors in the round.
Founded in 2017 by some big names from the ecommerce and logistics industry of Pakistan including Muneeb Maayr, who previously co-founded Rocket Internet’s Daraz (acquired last year by Alibaba), Abdul Mannan, Ishaq Kothawala and Rafiq Malik, Bykea is a super app that offers different services, with on-demand motorbike ride-hailing and parcel delivery being its most popular offerings.
The startup claims to have 2 million app users (apparently downloads) and a fleet of over 200,000 driver-partners, which it says is the largest of its kind in Pakistan. It also enables users to book its services through an Interactive Voice Response (IVR) solution. The users can book any Bykea service by placing a regular call on a phone number (without having a smartphone).
