Home / Motor/ IFC invests in PickMe to improve access to affordable transportation in Sri Lanka

IFC invests in PickMe to improve access to affordable transportation in Sri Lanka


Comments / {{hitsCtrl.values.hits}} Views / Wednesday, 6 June 2018 00:00

Facebook

IFC, a member of the World Bank Group, yesterday announced its foray into venture capital in Sri Lanka with a $2.5 million equity investment in PickMe, the local technology company that introduced ride-hailing services to the country. The investment will help the company expand across the island and increase access to affordable, safe, and efficient transportation.

PickMe, which launched operations in 2015, was founded by serial entrepreneur Jiffry Zulfer and helps customers call anything from an auto rikshaw to a luxury car using its smartphone app. This helps solve a critical problem, since Sri Lanka has as many as 31 people for each registered car and 20 for each auto rikshaw. The sharing economy—especially ride-hailing—has the potential to better serve women.

 “We at PickMe have a strong expansion program in place as we enter new cities and diversify our operations to reach more customers, and serve them better,” said PickMe CEO Jiffry Zulfer. “We are excited to be able to draw from the best practices and global knowledge that IFC brings.”

Sri Lanka’s venture ecosystem is growing, but funding options are still limited. A mere 5% of the startups that get seed funding manage to raise Series A rounds. IFC’s entry into this space is expected to attract more capital, domestic and international, for the country’s technology startups.          

“Sri Lanka possesses many of the building blocks for a thriving digital startup ecosystem, but has been held back by a lack of global expertise and funding,” said IFC Country Manager for Sri Lanka and Maldives Amena Arif. “Through this partnership, we want to help make travel safer, increase revenues for the company’s driver partners, and support the growth of Sri Lanka’s startup ecosystem.” IFC’s Venture Capital group invests in growth-stage companies that offer innovative technologies or disruptive business models focused on emerging markets. IFC’s investments mobilise institutional capital and better position companies for follow-on funding, sustainability, and further job creation.

Sri Lanka is a priority country for IFC. IFC’s committed portfolio in Sri Lanka covers projects across a range of sectors, including infrastructure, tourism, renewable energy, finance, and healthcare. IFC also provides advisory services to promote sustainable growth among small and medium enterprises by facilitating access to finance and by offering capacity-building and training opportunities.

PickMe is Sri Lanka’s first and largest taxi hailing platform, currently operational in four districts of the country including Colombo, Kandy, Gampaha and Kalutara; catering to the travel needs of over one million users while growing rapidly. PickMe’s product portfolio extends from the individual passenger to the corporate business clientele via the PickMe Passenger App and the PickMe Business Portal, offering a range of travel options to the traveller from the tuk-tuk (three-wheeled rickshaw) to the luxury sedans. The vision of the business is to become a technological catalyst that solves the country’s transportation hassles while improving the socio-economic status of all parties concerned.

IFC—a sister organisation of the World Bank and member of the World Bank Group—is the largest global development institution focused on the private sector in emerging markets. It works with more than 2,000 businesses worldwide, using its capital, expertise, and influence to create markets and opportunities in the toughest areas of the world. In FY17, it delivered a record $19.3 billion in long-term financing for developing countries, leveraging the power of the private sector to help end poverty and boost shared prosperity.


Share This Article

Facebook Twitter


DISCLAIMER:

1. All comments will be moderated by the Daily FT Web Editor.

2. Comments that are abusive, obscene, incendiary, defamatory or irrelevant will not be published.

3. We may remove hyperlinks within comments.

4. Kindly use a genuine email ID and provide your name.

5. Spamming the comments section under different user names may result in being blacklisted.

COMMENTS

Today's Columnists

“Sri Lanka’s future lies in producing exportable manufactured goods”: Dr. Howard Nicholas

Monday, 22 July 2019

Drawing lessons from Vietnam’s experiences The Sri Lanka-born economist attached to The Hague based Institute of Social Studies – Dr. Howard Nicholas – addressing a packed audience consisting of the alumni of the Postgraduate Institute of Manag


We should sell our water

Monday, 22 July 2019

When you read the title of this article, you will probably feel disgusted with me as selling our water has been a controversial topic since a long time ago. By the way, I am talking about virtual water trade and you would be surprised to know that we


A voice of compassion amid howls of zealotry

Monday, 22 July 2019

The unrestrained freedom extended by the current regime to a bunch of saffron-clad street vendors of Sinhala Buddhist zealotry is pushing Sri Lanka once again into a cauldron of ethnic and religious convulsion. The nationwide spread and virulence of


Roger Beteille: The man who reinvented the commercial airliner

Monday, 22 July 2019

The visionary engineer, pilot and manager who led Airbus to some its most significant decisions, passed away last month. Beteille, who was the head of French aircraft manufacturer Sud Aviation’s flight testing section, was made technical director


Columnists More