Ride sharing services have significant potential in Bangladesh, and Shohoz is looking to grab a share of the market
Ride sharing platform Shohoz has announced it will receive $15 million in investment from Singapore-based venture capital firm Golden Gate Ventures.
The capital will be used in order to support customer acquisition and retention, as well as expansion into other on-demand services, said Shohoz founder and Managing Director, Maliha M Quadir.
The investment deal was announced at an event held in Dhaka on Wednesday.
“In 2014, we came up with tickets. This year, we added ride-sharing, and now we are executing a grander 'super-app' strategy. To help Shohoz finance this growth, we have brought on board a great lineup of experienced international and regional investors, who I think will help us achieve our feat very soon,” Maliha said, addressing the event.
Ride sharing services have significant potential in Bangladesh, and Shohoz is looking to grab a share of the market, she added.
“If we can meet the demands here, then we will work on introducing the ride sharing service beyond the border,” she further said.
Also addressing the event, Golden Gate Ventures partner Justin Hall said: “We are honored to join Maliha and her team in their journey to grow Shohoz into the leading transportation and consumer platform in Bangladesh.”
“Today, Bangladesh has all the indicators of a country poised for tremendous growth: increasing digitization of consumer services, rising consumer purchasing power, and an incredibly dense, urbanizing population. Shohoz is emerging at just the right time and place to completely dominate the consumer landscape in Bangladesh,” he added.
Shohoz’s “super app” strategy refers to the style of Indonesia’s Go-Jek and Singapore’s Grab apps, where services such as food delivery are offered in addition to ride-sharing.