PickMe delivers Rs. 1.17 b net profit in first full year post-IPO

• Achieves 54% Return on Equity 
• Gross Transaction Value up 47% to Rs. 57 b 
• Expands operations to five new regions: Jaffna, Ratnapura, Nuwara Eliya, Puttalam, and Anuradhapura; Regional trips now make up 19% of total volume
• Invests over Rs. 1 b in technology and intellectual property

PickMe, Sri Lanka’s homegrown technology platform facilitating ride-hailing and delivery, has reported a standout year of performance, recording a Profit After Tax (PAT) of Rs. 1.17 billion for the financial year ending 31 March 2025. 

This 72% year-on-year increase marks the company ending its first full financial year since listing on the Colombo Stock Exchange, with the strongest quarter to date.

The company’s success isn’t just measured in numbers. In a country where digital infrastructure is still evolving, PickMe plays a pivotal role in shaping Sri Lanka’s shared economy, a system in which value is created by leveraging underutilised resources such as private vehicles, independent drivers, and local delivery agents. Through its technology platform, PickMe is unlocking income opportunities for thousands of everyday Sri Lankans while improving access to essential services across the country. For FY2024/25, the company’s revenue rose 49% to Rs. 5.8 billion, while Gross Transaction Value (GTV) surged to Rs. 57 billion, a 47% increase over the previous year. 

These gains were fuelled by a 44% increase in overall platform movements and steady growth in monthly active users, which reached an all-time high by year-end.

CEO Jiffry Zulfer attributes this growth to the scalability of the platform model. 

“PickMe operates at the intersection of people, technology, and opportunity,” he said. “We’re a facilitator, we don’t own the cars or bikes, but we connect supply with demand. That’s the essence of a shared economy, and when it’s done right, everyone benefits.”

In FY2024/25, the company deployed AI-driven forecasting tools, optimised smart dispatch algorithms, and introduced a revamped Passenger App, leading to an 11% reduction in consumer wait times, improved user satisfaction, and stronger platform performance. The company invested over Rs. 1 billion in technology and intellectual property during the financial year and plans to continue this trajectory with further investments in the coming year. 

“We have focused on making the platform smarter, faster, and more scalable,” the CEO explained. “As a tech-first company, we know that delivering great experiences starts under the hood—with better compute efficiency, real-time analytics, and automated systems that learn and adapt.”

These efficiencies have also translated into stronger capital returns. PickMe reported a 54% Return on Equity (ROE), emphasising disciplined cost management and growing transaction volumes.

What sets PickMe apart is its commitment to economic inclusion. Through its platform, the company supports a network of third party drivers, delivery agents, and merchants, providing digital tools, income generation opportunities, and access to a broader customer base.

“In many ways, PickMe functions as a digital utility,” says Zulfer. “We’re an economic platform enabling people to earn, transact, and grow. Whether it’s a tuk-tuk driver in Puttalam or a delivery rider in Jaffna, we’re helping them participate meaningfully in the modern economy.”

In FY2024/25, PickMe expanded operations to five new regions: Jaffna, Ratnapura, Nuwara Eliya, Puttalam, and Anuradhapura. Regional trips now make up 19% of total volume, up from 13% the previous year, highlighting the growing reliance on the technology platform for mobility and delivery services outside Colombo.

Chairman Ajit Gunewardene reiterated that this inclusive growth model reflects the company’s long-term vision. 

“As a listed company, we are accountable not just for financial returns, but for our social and economic footprint,” he said. “PickMe is a platform built on trust, access, and opportunity, and that foundation allows us to scale with integrity.”

The Board has proposed a final dividend of Rs. 1.30 per share, subject to shareholder approval. Combined with the interim dividend of Rs. 1 paid in November 2024, the total pay-out for the year amounts to Rs. 767 million, representing a 66% pay-out ratio.

“Our dividend policy reflects a balance,” said Gunewardene. “We are reinvesting for long-term platform growth while delivering consistent returns to shareholders.”

As it moves into FY2025/26, PickMe plans to deepen its presence across the island, further enhance user experience, and explore new verticals, including potential integrations with financial services, logistics, and intercity mobility.

“We’re building more than a company; we’re helping build a connected, digital Sri Lanka. The shared economy is here to stay, and platforms like PickMe have a vital role to play in making it fair, inclusive, and sustainable,” Zulfer added.