seed funding

Online travel platform raises $7.5 million in ‘Series A’ funding round

Lahore-based made an announcement that it has closed a $7.5 million Series-A subsidy round for its digital ticketing platform, as the startup eyes expansion into the Myanmar market. 

The gathering was co-hosted by Pakistan-based Zayn Capital, Lakson Investments Venture Capital (LIVC) which is the seed investor of the company, and UAE-based Hayaat Global. The gathering was also attended by New York-based Millville Opportunities Funds Investment, MENA-based BY Ventures and Jabbar Internet Group, and Silicon-Valley based Mentor’s Fund.

The company was launched in 2014 by Faizan Aslam with the aim to provide an online ticketing facility for prominent bus service providers like Daewoo Express, QConnect, and Skyways along with leading cinema houses. The initiative has the main presence in ticketing for bus travel.

Read more: Pakistani startups Sastaticket, Safepay feature on Forbes Asia ‘100 to watch’ list

According to a report, as road transport has grown at 6.2% per annum between the era of 1991 and 2016, which is more than the average GDP growth rate of 4.4% for the same duration. The road transport section constantly augmented until 2020 when the epidemic erupted but has noticeably picked up.

Views of development for is the bus ticketing segment, which is its position and forms the majority of its customer base and revenue, are solid as traveling recommences and infrastructure development under the Pakistan China Economic Corridor (CPEC) increases road connectivity. 

However, the startup can imagine an additional brief halt in travel if the danger of the new ‘Omicron’ variant of the Covid-19 disease cultivates and governments force for a ban again. 

Besides ticketing for airlines, cinemas, and hotels, Bookme was freshly chosen as an exclusive ticketing partner for the Pakistan Super League (PSL) under an agreement with the Pakistan Cricket Board (PCB). The PCB shifted to digital ticketing to limit the spread of Covid-19 contagion during the tournament. 

The contract with PCB shows that Bookme has exclusive digital ticketing rights for all cricket matches in Pakistan till 2023. 

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