“The new financing will be used for expansion in the ride-sharing, driver network and express delivery, including cash-to-digital services for consumers and businesses in urban areas of Pakistan,” CEO Muneeb Maayr said at its semi-formal environment head office in Karachi.
The main economy is running on micropayments, Maayr said:
“We have enabled technology for the masses perhaps not for the bottom of the pyramid but for the middle class. With the new service, it will be seamless in a few months.
Bykea has 60,000 to 70,000 bookings per day, in a year’s time we should be around 200,000."
In one day if we can make 10,000 payment transactions, that facilitate trade within a city that’ll be fantastic, so after one year, in one day we should be around 100,000 financial payments.”
Started up in 2016, Bykea is a transportation and delivery platform with payments to be added soon. Before founding Bykea, Maayr Co-Founded Daraz, was the Director of Operations for SNL Pakistan, and worked for S&P Global.
In May of this year the company raised $5.7 million in its very first round post-seed money. The company's app already has around two million downloads and through one partnership has around 200,000 motorbike owners throughout the country.
Bykea doesn't provide its own fleet of vehicles, but allows consumers to rent out their motorbikes when they aren't using them to earn extra money.
Economics of bikes
Currently, Pakistan has over 17 million motorbikes with about 50 million smartphones in use. When motorbike sharing and taxis first launched the market was skeptical, even if motorbike deliveries made sense.
Maayr believes that other ride-hailing companies enter into markets like Pakistan and Egypt in an effort to boost their growth before they launch an IPO or share earnings reports.
When it comes to Pakistan these companies can come in with car-sharing and provide services to 15 or 20 million people. However he believes to offer services to 200 million people these companies have to use motorbikes.
“And bike economics makes sense,” the CEO asserted.