Bykea, a Karachi-based mobility super app known for its bike-sharing and on-demand delivery services, raised $10 million in funding from existing investors Prosus Ventures, Middle East Venture Partners, Sarmayacar, Tharros, and Ithaca Capital.
It didn’t disclose if this round is an extension of its previous Series B round, a bridge round before a Series C round, or an actual Series C round.
Elevator pitch: Your every day, everything, all-in-one super app.
Back story: Bykea provides transportation, delivery, and payment services in Pakistan. It is the only homegrown super app in the country.
The first few months of the pandemic forced it to stop its bike-sharing service because the Government officials considered it unsafe and felt it would spread COVID like wildfire.
This was devastating for Bykea. Bike-sharing is the lifeblood of its business or about 80% of its revenue.
Despite this setback, it remained strong while others like Careem had to shed their workforce.
Because it had an extensive network of riders, it quickly capitalized on the surge in demand for both parcels and groceries during the pandemic to sustain itself.
Tell me more: In the race to become Pakistan’s favorite super app, Bykea is competing with Careem.
It already provides food and e-commerce deliveries in addition to payment services.
With the fresh round of funding, it plans to continue growing its services and add more B2B services like cash-on-delivery and logistics.
You should know: Bykea was founded in 2016 by Muneeb Muneeb Maayr. To date, it has raised $29 million in disclosed funding.
Zoom out: A capital-efficient structure and positive unit economics helped Bykea survive a blow never before experienced by its business during the pandemic.
It has strong brand awareness and impressive product-market fit—all the ingredients needed to compete with the likes of Careem.