Bangladesh-based ride hailing platform Pathao has raised more than $10m in a per-series B round led by on-demand ride provider Go-Jek at valued it at $100m, TechCrunch has reported.
The round included Openspace Ventures, the subsidiary of private equity firm Northstar formerly known as NSI Ventures, as well as private equity group Osiris Group and mobility investment vehicle Battery Road Digital Holdings. It valued Pathao at $100m, a source told TechCrunch.
Founded in 2015, Pathao has launched a mobile app for the Bangladeshi market that offers motorbike and ride hailing in addition to food delivery from local restaurants and courier services for e-commerce businesses.
The capital has been earmarked to bring Pathao to more cities and to develop ideas such as a mobile wallet app aimed at popularising digital payments in Bangladesh. The move would bring it into line with Indonesia-based Go-Jek, which maintains its own mobile payment offering.
Go-Jek invested $2m in Pathao in November 2017 as part of a series A round that reportedly valued the company at $20m, DealStreetAsia reported. Pathao had received $825,000 from undisclosed investors the previous year, according to a securities filing.