• Monday, Mar 27, 2023
  • Last Update : 10:24 am

Indonesian Go-Jek invests $2m in Pathao

  • Published at 11:13 am November 30th, 2017
  • Last updated at 09:31 am December 4th, 2017
Indonesian Go-Jek invests $2m in Pathao
Indonesian delivery company Go-Jek has invested around $2 million in Pathao, a Dhaka-based ride-sharing platform. Go-Jek made the investment as a part of its “Series A funding”, the first significant round of capital venture financing. Although the ride-sharing platform was yet to make an official announcement regarding the matter, a post made by a user on the LinkedIn profile of Pathao Co-founder and CEO Hussain M Elius mentioned the investment while sources within Pathao also confirmed the matter to the Dhaka Tribune. Sayeda Nabila Mahabub, marketing manager of Pathao said: "Due to the confidentiality and sensitivity of the information, we do not have the privilege to share anything at point in time." Go-Jek, which has more than 200,000 riders, has taken up a minority stake in Pathao following an agreement signed a few weeks ago. It is the company’s first investment in the region.
Also Read - Demand for Pathao shoots through the roof
Go-Jek and Pathao are similar companies and both provide their services through mobile applications. Pathao is one of the fastest-growing e-commerce service providers in Bangladesh. It began as a delivery service in 2015 using its fleet of motorbikes, and the service soon caught on due to the growing demand for reliable e-commerce delivery services in Dhaka.
Also Read - Meet the minds behind the success of Pathao
In October 2016, Pathao decided to introduce motorcycle ride-sharing services after learning about Uber’s plans to introduce the service in Dhaka. The platform has already made its services available in Chittagong. With the investment in Pathao, Go-Jek could spread their business in the international arena. Hussain M Elius, a North South University alumnus, Shifat Adnan, a graduate from Rajshahi University of Engineering and Technology, and Fahim Saleh from Bentley University in the US co-founded the company in 2015. Over 10 start-ups, including Chalo, Sam, Uber, Pathao, Amarbike, Amar Ride, are operating in Dhaka. More investment could help these companies find firmer footing in the increasingly competitive ride-sharing market. The Chinese Didi Chuxing raised $5.5 billion to fuel its global expansion and Go-Jek raised $1.2 billion to fight competitors like Uber and Grab.
Facebook 50
blogger sharing button blogger
buffer sharing button buffer
diaspora sharing button diaspora
digg sharing button digg
douban sharing button douban
email sharing button email
evernote sharing button evernote
flipboard sharing button flipboard
pocket sharing button getpocket
github sharing button github
gmail sharing button gmail
googlebookmarks sharing button googlebookmarks
hackernews sharing button hackernews
instapaper sharing button instapaper
line sharing button line
linkedin sharing button linkedin
livejournal sharing button livejournal
mailru sharing button mailru
medium sharing button medium
meneame sharing button meneame
messenger sharing button messenger
odnoklassniki sharing button odnoklassniki
pinterest sharing button pinterest
print sharing button print
qzone sharing button qzone
reddit sharing button reddit
refind sharing button refind
renren sharing button renren
skype sharing button skype
snapchat sharing button snapchat
surfingbird sharing button surfingbird
telegram sharing button telegram
tumblr sharing button tumblr
twitter sharing button twitter
vk sharing button vk
wechat sharing button wechat
weibo sharing button weibo
whatsapp sharing button whatsapp
wordpress sharing button wordpress
xing sharing button xing
yahoomail sharing button yahoomail