Middle East Venture Partners has invested $2 million in Bykea, a Pakistani startup that focuses on on-demand transport, logistics, and payment solutions, marking MEVP's first investment in Pakistan.

Target Company Overview

Bykea is an innovative startup based in Pakistan, specializing in on-demand transport, logistics, and payment solutions. The company has recently achieved significant milestones, including securing $5.7 million in Series A funding, marking it as one of the largest investments in a tech startup within the country. With nearly 2 million app users, Bykea caters to the urban hyperlocal needs of a population of 200 million, distinguishing itself by providing an interface in Urdu, the native language of Pakistan.

Industry Overview in Pakistan

The Pakistani tech industry is rapidly evolving, particularly within the on-demand services sector, which is projected to tap into a market opportunity valued at approximately $35 billion. With a substantial unbanked population of around 100 million people, there exists a significant demand for digital payment solutions. Bykea’s innovative approach addresses these pressing issues, leveraging technology to provide convenient and safe payment methods.

Furthermore, the logistics and transport sector in Pakistan is undergoing a transformation due to increasing smartphone penetration and access to digital services. Companies are focusing on creating solutions that n