Bangladesh’s Pathao raises pre-Series B funding from Go-Jek, others at $100m valuation

Pathao organises flood relief drive. Photo: Pathao Bangladesh

Bangladesh’s ride-hailing firm Pathao has closed a pre-Series B financing from a number of investors including Go-Jek, at a valuation of 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.

Pathao CEO Hussain M Elius told DEALSTREETASIA that the fresh funds will be used for “continued growth in more cities, expansion of food vertical and launch of PathaoPay”.

Based in Dhaka, Pathao started offering motor-taxis services in the densely populated Bangladeshi 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, it claimed.

This portal first reported in September 2017 that Go-Jek was in talks to invest in Pathao’s Series A round.

In November 2017, it was officially announced that Go-Jek had injected 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 bagged 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.

Founded by Elius in 2015, Pathao started out as a delivery partner to e-commerce merchants and now claims to be the biggest such company in Bangladesh. In 2016, it expanded into the ride-hailing transportation space with a fleet of motorbikes.

The company says it currently employs over 500 people in 22 cities all over Bangladesh.

Also Read:

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Alibaba unit Ant Financial to buy 20% stake in Bangladesh payments firm bKash

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.

Singapore Reporter/s

In Singapore, we are looking to double our reporting team by this year-end to comprehensively cover the fast-moving world of funded startups and VC, PE & M&A deals. We want reporters who can tell our readers what is really happening in these sectors and why it matters to markets, companies and consumers. The ability to write precisely and urgently is crucial for these roles. Ideal candidates must have to ability to work in a collaborative, dynamic, and fast-changing environment. We want our new hires to be digitally savvy and ready to experiment with new forms of storytelling. Most importantly, we are looking for hard-hitting reporters who work well in a team. Collaboration and collegiality are a must.

Following vacancies can be applied for (only in Singapore).

Following vacancies can be applied for (only in Singapore).   

  • A reporter to track companies/startups that have raised private capital, and have the potential to become unicorns. SEA currently has over 40 companies with a valuation of over $100 million and under $1 billion.
  • A reporter who can get behind the scenes and reveal how funding rounds are put together, or why they’ve failed to materialise. She/he in this role will largely focus on long-format stories. 
  • A journalist to track special situations funds, distressed debt and private credit (from the PE angle) across Asia.