While the quantum of the new investment was not officially disclosed, a recent report said the firm was looking to raise about US$30 million

Bangladeshi bike-hailing startup Pathao has raised an undisclosed sum in pre-Series B funding from a slew of investors, including Indonesian ride-hailing giant Go-Jek and Openspace Ventures (formerly NSI Ventures).

Osiris Group and Battery Road Digital Holdings also contributed to this round, which values three-year-old Pathao at US$100 million.

The round comes less than five months after Go-Jek infused US$2 million into the startup.

While the quantum of the new investment was not officially disclosed, a recent report by The Information had said the firm was looking for a minimum of US$30 million.

The fresh investment will be utilised to grow into new cities, expand its food vertical, in addition to launching  PathaoPay.

Also Read: Indonesian ride-hailing giant Go-Jek to launch online content production house, streaming service

Founded in 2015 by Hussain M Elius, Dhaka-headquartered Pathao started off as a delivery partner to e-commerce firms. In 2016, it expanded into the ride-hailing space with a fleet of motorbikes. It now boasts over one million rides and fulfils over 100,000 deliveries each month.

In addition to ride-hailing, it also offers courier services, car ride-sharing and food delivery services — all through a single app, available on Android as well as iOS.

Pathao currently employs over 500 people in 22 cities all over Bangladesh.

The venture recently announced a partnership with Indian two-wheeler giant Hero to introduce a bike financing scheme.

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