Bangladesh two-wheeler ride-hailing firm Pathao has closed a pre-Series B fundraising from a number of investors including Go-Jek, in a round that values the company at over $100 million, according to a company statement. Other investors in the round include Openspace Ventures (formerly NSI Ventures), Osiris Group and Battery Road Digital Holdings, Pathao said in an official statement. While the quantum of funds raised in the pre-Series B round was not disclosed, The Information had previously reported that the company was looking to raise at least $30 million, reports dealstreetasia.com. Pathao CEO Hussain M Elius told DEALSTREETASIA that the fresh fund will be used for "continued growth in more cities, expansion of food vertical and launch of PathaoPay". Based in Dhaka, Pathao started offering moto-taxis services in the densely populated Bangladesh capital in 2017.
The company now boasts over one million rides and fulfils over 100,000 deliveries each month. The company has also launched a courier, car ride-sharing, and food delivery services, all of which can be accessed from a single app. "We could not have achieved what we have, without the contribution of our loyal customers and drivers, and our execution-oriented team. We are proud to have Go-Jek be a part of our story, as we aspire to make Pathao the biggest service platform in Bangladesh," said Elius in the statement.
This latest financing makes Pathao the fastest growing and largest tech company in Bangladesh. Talks of Go-Jek's potential involvement in Pathao started brewing in September 2017 when this portal reported that the Indonesian ride-hailing giant was among the group of international investors looking in the process of investing in Pathao's Series A round.
In November 2017, it was officially announced that GO-JEK had injected investment of around $2 million in Pathao, leading the first significant round of Series A capital venture financing for the Bangladesh startup. The Series A round was raised at a valuation of $20 million, according to The Information. Following its investment, Go-Jek has a seat on Pathao's five-member board of directors. Prior to that, Pathao had raised an undisclosed amount in a seed round from Battery Road Digital Holdings in October 2015, according to Crunchbase.
-Digital Age Desk