Skip to main content

Pakistan’s Leading Travel Platform Bookme.pk Raises $7.5 Mn Series A Round

   


Lahore-based Bookme.pk announced today that it has closed a $7.5 Mn Series A funding round. Bookme is a travel and ticketing platform similar to Traveloka in Indonesia, providing customers with online bookings for Intercity Buses, Airlines, Hotels & Events in Pakistan

The round was co-led by Zayn Capital, seed investor Lakson VC and UAE-based Hayaat Global with participation from MENA based BY Ventures and Jabbar Internet Group, New York based Millville Opportunities and Silicon-Valley based Mentor’s Fund.

“Our focus at Bookme has always been the customer experience. With this mind we have created a fully integrated platform that allows customers to seamlessly make bookings with the click of a button. We digitized the paper-based transport and travel sector in Pakistan to create a plug and play distribution system that inter-connects reservation systems of intercity buses, domestic & international airlines, hotels and events. In our view, making the overall experience cashless through APIs to enable Super App payment applications was an integral part of completing the digital experience.” said Faizan Aslam, CEO & Founder of Bookme.

Bookme is the first completely cashless platform in Pakistan with the highest number of day-to-day digital transactions for banks and payment gateways. Moreover, Bookme has partnered with Pakistan’s leading mobile wallet platform to offer its customers BNPL services, leveraging historical data and spending patterns for more than 6 million customers.

The intercity bus segment has grown significantly in Pakistan as road infrastructure and connectivity has improved throughout the country due to massive infrastructure investments over the last 5 years. In addition, major urban cities in Pakistan have a large number of rural migrants, increasing demand for bus travel for their work-related commutes.

“Bookme is led by an exceptional team with a clear vision which has enabled it to scale rapidly and dominate the travel and ticketing market in Pakistan. We are thrilled to continue to invest in Bookme and firmly believe that the Series A funding will allow Bookme to expand its operations, increase its market share and transform the travel and ticketing space in the country." said Babar Lakhani, Managing Partner of Lakson Venture Capital.

“We have followed Bookme’s journey from the seed stage to see it scale into one of the leading platforms in Pakistan. We’re extremely proud to be a continued part of their journey as we believe that this team is capable of building a Unicorn.” said Faisal Aftab Co-Founder & Managing Partner of Zayn Capital Frontier Fund.

Cost efficiency and shorter travel distances in densely populated provinces of Punjab and Khyber-Pakhtunkhwa are also creating greater demand for buses. Moreover, the 82-million-strong middle class, composed mostly of Millennials and Generation Z are also increasing demand for buses, airlines, hotels and events as domestic tourism and entertainment has grown over the last few years.

“BookMe has one of the most robust e-ticketing platforms because of its focused approach and customer centricity. Under Faizan's inspired leadership, this stellar team has shown their market nous with unique, compelling offerings and partnerships that have supercharged its trajectory. We are delighted to play a role in their growth story and plans, and we fully expect them to continue scaling new peaks as the digital economy deepens in Pakistan.” said Mohammed Ikhlaq, Director of Hayaat Global SFO DMCC.

Pakistani startups have raised more than $300 million so far in 2021. The country has leap frogged in internet users from 20 million in 2015 to more than 100 million in 2021. Platforms like Bookme are poised to scale rapidly as one of the leading local use-cases for this emerging youthful digital economy.

Comments

Popular posts from this blog

Huawei and OPPO Sign Global Patent Cross-licensing Agreement

            Huawei and OPPO announced the signing of a global patent cross-licensing agreement, which covers cellular standard essential patents, including 5G. "After more than 20 years of continuous innovation, Huawei has developed multiple high-value patent portfolios in the global marketplace in domains like 5G, Wi-Fi, and audio/video codecs," said Alan Fan, Head of Huawei's Intellectual Property Department. "We are delighted to have reached a cross-licensing agreement with OPPO. The mutual recognition of intellectual property value between companies is a major step towards fostering a positive cycle of innovation and research in high-value standards: investing, receiving returns from investment, and then reinvesting. This will enable our industry to keep innovating and provide consumers with more competitive products and services." "We are very pleased to enter into patent cross-licensing agreement with Huawei. It clearly demonstrates that the two compa...

Peshawar Zalmi Releases "Zalmi Raalal" Official Anthem Powered by TCL

             TCL, Pakistan's No.1 LED TV Brand, in collaboration with Peshawar Zalmi, has released their most awaited anthem for PSL 8, " Zalmi Raalal ". Directed by the maestro Hassan Dawar himself, "Zalmi Raalal" is a star-studded, power-packed amalgamation of music, fashion, and sports, the three foremost passion points of Peshawar Zalmi. Produced by Naughty Boy, who has worked in the global music industry with the likes of Beyoncé, Wiz Khalifa, and Sam Smith, the music video features cricket's biggest superstars Darren Sammy and Babar Azam, as well as Pakistan's biggest celebrities Mahira Khan and Hamza Ali Abbasi. Peshawar Zalmi's official anthem for 2023, "Zalmi Raalal", is an ode to passion, a story entailing the beauty and power of the KP region and its people. The anthem has crossed one million views on all online platforms since its release, and the number is increasing fast.   The star-studded and narrative-centric anthem feature...

Economic confidence among finance professionals edges higher globally despite big fall in North America

                                            The latest ACCA (the Association of Chartered Certified Accountants) and IMA ®  (Institute of Management Accountants)  Global Economic Conditions Survey (GECS) suggests that confidence among accountants and finance professionals edged slightly higher in Q2 2024 and is just above its historical average.  For chief financial officers (CFOs), all the key global indicators rose, with sharp gains evident in the New Orders and Capital Expenditure indices.   There were some notable regional differences . Western Europe-based accountants reported another decent increase in confidence as the euro area and UK economies continue to stage recoveries. Even Asia Pacific saw a small rise off the back of a huge gain previously, and the New Orders Index increased strongly. The region is benefitting from improvements in the global economy...