Pathao, a Bangladeshi ride-hailing startup, is on track to raise up to $50 million for its Series B round by mid-2019.
In an interview with DEALSTREETASIA, Pathao COO Pardeep Grewal said that existing investor GOJEK is also likely to top up its investment after backing Pathao’s pre-Series B round announced last April.
This confirms our earlier report about Pathao’s fundraising plans.
“GOJEK has been incredibly supportive, and at this point, are also very eager to bring in fresh sources of capital and fresh investors to help us create this very important company for Bangladesh,” said Grewal.
He added that the Indonesian ride-hailing unicorn has been crucial in giving advice on scaling operations and go-to-market strategy.
“GOJEK is a constant source of inspiration. The founders are really close to our founders, and we spend a lot of time actually strategising and having jam sessions on where to play, how to play, and one of the really great things about GOJEK is that we can actually learn from all of their experience,” said Grewal.
He did not disclose GOJEK’s existing stake in Pathao but said the Indonesian ride-hailing unicorn is one of its largest stakeholders, alongside Openspace Ventures and Battery Road Digital Holdings.
Meantime, Pathao is also in “late-stage negotiations” with global VCs and tech funds, including those from Singapore and the US, for funding.
“I think the next couple of years are going to be fantastic in terms of the path we’re trying to unlock. A part of that is making sure we find the right investors, so we’re taking our time to find the lead – but in general, there is a lot of investment appetite in Bangladesh,” said Grewal.
Pathao began in 2015 as a courier service for e-commerce merchants, hence its name – “Pathao” which means “send it” in Bangla. It operates three verticals today: ride-hailing, food delivery and e-commerce/parcel deliveries, clocking 100,000 transactions per day across all three services. It also claims to be the largest e-commerce player in Bangladesh.
Last April, Pathao announced it had raised over $10 million in its pre-Series B round from GOJEK and other investors at a valuation of $100 million. The other investors in the round included GOJEK backer Openspace Ventures, Osiris Group and Battery Road Digital Holdings.