Shohoz, country’s leading online ride-sharing and ticketing platform, has announced that it raised $15 million US dollar from Golden Gate Ventures (GGV) of Singapore to expand the business.
The firm will use the capital for customer acquisition and retention of its ride sharing business and expansion of other on-demand services.
Officials of the ride-sharing firm disclosed the investment fund and announced car hailing service at a press meet at Pan Pacific Dhaka on Wednesday.
The app offers ride sharing through cars and motorbikes for daily commuters, purchase bus and ferry tickets, and even get movie tickets.
Maliha Quadir, Managing Director of the Shohoj Limited, said,” In 2014, we came up with tickets, added ride-sharing this year and are now executing on a grander ‘super-app’ strategy.”
“To help Shohoz finance this growth, Shohoz has brought on board a great lineup of experienced international and regional investors,” she said.
Justin Hall, a partner of the GGV, said, “Today Bangladesh has all the indicators of a country poised for tremendous growth: increasing digitization of consumer services, rising consumer purchasing power, and an incredibly dense, urbanising population. Shohoz is emerging at just the right time and place to completely dominate the consumer landscape in Bangladesh.”
The pre-series B investment comes amid Bangladesh’s emergence as the fastest growing economy in South Asia, says a local media.
