BusCaro raises $1.5 million in pre-seed funding to make transportation more affordable and accessible

BusCaro raises $1.5 million in pre-seed funding to make transportation more affordable and accessible

BusCaro, a Karachi-based mobility startup, has raised $1.5 million in pre-seed funding from Orbit Startups and Wahed Ventures.

Make me care: Commuting is a nightmare in Pakistan. Ask anyone. 

It’s not just the infrastructure that’s a problem. Reliability, affordability, and safety are also issues. For women who commute to work or school, the situation is dire.

Around 85% of working women in Pakistan have faced harassment on public transport at least once, according to the Asian Development Bank. 

BusCaro is trying to solve commuters’ problems by providing safe and reliable public transportation using technology.

Tell me more: BusCaro is a two-sided marketplace. On the one hand, it partners with an extensive network of minivan and minibus drivers, and on the other hand, it establishes relationships with employers and educational institutions, ensuring steady passenger traffic for its drivers. 

This way, it’s a win-win for both parties. Drivers get a steady flow of riders, while employees and students have a reliable and efficient way to get around.

Safety is the top priority for BusCaro. Driver background checks, vehicle inspections, and an emergency panic button are among its safety measures.

By the numbers: In the press release issued, BusCaro claims the following:

  • Average Fare Comparison: BusCaro – Rs150 vs. Rideshare – Rs 800 vs. Taxi – Rs1,400.
  • Daily Bookings: Over 20,000.
  • Cumulative revenue: $2.5 million.
  • Profitability Goal: Q1 2024.
  • Fleet: Over 300 vehicles (minivans and minibuses).
  • Target Market: 7 to 8 million passengers across Karachi, Lahore, and Islamabad.

You should know: BusCaro was founded in 2022 by Maha Shehzad. Previously, she was the General Manager of Swvl in Pakistan, where she solved the same problem.

Unfortunately, Swvl didn’t survive the Pakistani market and exited, paving the way for Maha to venture independently.

This is the second publicly disclosed round for BusCaro. It previously raised $500k from multiple angel investors. With this round, its funding now stands at $2 million. 

Zoom Out: BusCaro will use the fresh round of funding to enhance its technology stack, introducing new functionalities for passengers and partners. 

It is also eyeing international expansion, aiming to replicate its successful model in other markets.

Related Posts