Indonesian ride-hailing unicorn Go-Jek has co-invested “around US$2 million” in Bangladeshi logistics and ride-hailing startup Pathao as part of its Series A funding, says DealstreetAsia report citing sources.
According to this report, the deal was closed “a few weeks back” and that Go-Jek has taken a minority stake in Pathao.
e27 has reached out to Go-Jek for details, and will update this piece when it responds.
Go-Jek and Pathao share many similarities in their business model and problems they seek to solve.
Founded in 2015 by Hussain M. Elius, Shifat Adnan, and Fahim Saleh, Pathao’s services are being divided into motorbike-based ride-hailing service for passengers and a courier service for e-commerce companies.
The startup began as an on-demand delivery service but later pivoted to specialise in delivery service for e-commerce companies when they saw a greater opportunity in it.
Prior to this, the startup raised an undisclosed seed funding round from Battery Road Digital Holdings in 2015. It has announced in its e27 profile that it is looking to raise funding.
The investment in Pathao marks Go-Jek’s first investment in a ride-hailing startup.
It has also been reported to be in talks to acquire payments gateway startup Midtrans.