Bangladesh’s Pathao on track to raise $50m Series B, GOJEK likely to top up

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.

Also Read:

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

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

Go-Jek’s venture arm said to be raising capital from external LPs

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.