Posts new product offering in social media post.
Bykea announces venturing into car ride-hailing. Pakistan’s bike ride-sharing and delivery startup Bykea is expanding its product offering with a step into the car ride-hailing service, the company announced on its official LinkedIn account on Friday.
Earlier this week, it had teased a launch of the BykeaCar service with a separate social media post.
The development is set to further intensify competition in the space where a number of players are currently going through a volatile ride due to high prices of vehicles and fuel.
An official, well-versed with the workings of the car-hailing space, suggested Bykea will look to compete on price-points, “at least in the beginning”.
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In June, Bykea had announced that it secured $10 million in fresh funding from its existing backers, as the company looked to enhance its service offerings including “leveraging its fleet of over 60,000 driver partners for unique fintech use cases like cash on delivery (COD), cash-pickup, or verification services”.
The funding was led by investors including Prosus Ventures, MEVP, Sarmayacar, Tharros, and Ithaca Capital, said the company statement.
Back then, Bykea said it plans to use the capital to enhance and extend its offerings in mobility and fulfillment services for consumers and SMEs, including food and e-commerce deliveries as well.
Bykea, according to the company, is the largest on-demand platform by transaction count in Pakistan, and has seen exponential growth in the three cities in which it operates – Karachi, Lahore, and Islamabad – in the last two years.
“It runs on the rails of a network of motorbikes serving transport and delivery services for 40 million citizens in urban Pakistan,” said the company in its fund-raising announcement in June.
