GOJEK-backed Bangladeshi ride-hailing app Pathao seeks up to $50m in Series B round

Bangladesh’s ride-hailing app Pathao, which counts Indonesian unicorn GOJEK among its investors, is learnt to be raising $30-50 million in a Series B round, according to two people aware of the development.

The round is likely to be closed soon, said the people quoted above. A top executive at Pathao confirmed to DEALSTREETASIA that the round would be closed soon.

The company is believed to be seeking a pre-money valuation of $140 million.

Pathao [Bengali for ‘send it’] is engaged in bike and car-hailing services, food delivery and shipping of e-commerce merchandise and parcel deliveries. The startup raised over $10 million in its pre-Series B round from Indonesian unicorn GOJEK and others in April 2018 at a valuation of $100 million. Following its investment, GOJEK bagged a seat on Pathao’s five-member board of directors. Other investors in the round included Openspace Ventures (formerly NSI Ventures), Osiris Group and Battery Road Digital Holdings.

Founded by Hussain 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. According to Crunchbase, Pathao raised an undisclosed amount in its seed round from Battery Road Digital Holdings in October 2015. It has raised a total of $12.5 million till date.

Pathao CEO Hussain M Elius had told DEALSTREETASIA last year that it would deploy the pre-Series B funds 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 courier, car-sharing, and food delivery services, all of which can be accessed from a single app.

Pathao’s closest rival is Shohoz, a ride-sharing and online ticketing platform. Shohoz had in September 2018 raised $15 million in a pre-Series B round led by Singapore’s Golden Gate Ventures. The round was joined by Linear VC, 500 Startups and Singaporean angel investor Koh Boon Hwe.

Other ride-hailing companies in Bangladesh include BDCABS, Chalo, Garivara, Taxiwala, and bike-hailing startup Amarbike. BDCABS, which allows users to hail auto-rickshaws as well as cars, had last year raised seed funding from Turkish startup accelerator Etohum.

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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.