Our Investments: Bykea

• Headquarters: Karachi, Pakistan
• Founded: 2016 by Muneeb Maayr, Abdul Mannan, and Rafiq Malik
• Industry: Ride-hailing and Logistics Services 
• Website: https://bykea.com/

Founded in Karachi, Pakistan, Bykea’s vision is to become Pakistan’s leading Super App, by aggregating multiple on-demand services into one single platform. Bykea started with two-wheel ride-hailing and now has a significant share in the Pakistani ride-hailing market. Bykea has launched a series of adjacent on-demand services, including instant deliveries, offline to online commerce, payment services for small businesses delivering parcels, and food-collecting payments.

Prosus Ventures believed that Bykea was an attractive early-stage investment because:

• Macro trends around Pakistan are promising and the country is primed to experience strong growth over the next decade. Pakistan is the world’s 5^th most populous country with 245M people, of which 64% are under 30. (UNDP, 2023).[1] Consumer wealth is growing quickly, and internet penetration rates are among the fastest growing in Asia. Bykea sees significant opportunity for growth, with an enormous opportunity in serving the growing middle-class, by offering easy, affordable, and convenient transport and logistical solutions.
• Bykea is a strong early mover in the aggregation of on-demand services, with limited local competition. In 2016, the company started with affordable two-wheel bike hailing which has become a key part of the business with high usage frequency and strong market share. Since then, the company has made significant traction across delivery and logistics, Mart (delivery of nearby goods), Food Delivery and Payments. The company has achieved rapid growth. The company has a base of 5 million customers, and 1.7 million monthly active users on its app.
• Strong local team, supported by local tech talent. Bykea is led by a strong leadership team with relevant experience in the Pakistan market. Muneeb Maayr (CEO) is a seasoned entrepreneur who co-founded the e-commerce platform Daraz.pk, which he sold to Alibaba in 2018, and Rafiq Malik (COO) was a former operations manager for Pakistan at TNT express (Fedex). The company has seen strong execution and traction. On broader talent, it is estimated that Pakistan has over 300,000 local software developers, who are supporting the emerging start up scene (Invest Pakistan, 2021). 
   

The press release for the full investment can be found here: Prosus.com/Bykea

[1] Based on United Nations Development Programme’s (UNDP) National Human Development Strategy 2023