Business Report :
Ride-hailing firm Pathao yesterday announced that it had raised $12 million to ramp up its fintech offerings in a much-needed boost for Bangladesh’s start-up ecosystem, which has been grappling with shrinking funding in recent times.
In the first half of 2024, local start-ups raised $19 million across 22 deals, a 57 percent decline year-on-year, according to Lightcastle Partners, which tracks start-up funding.
The latest funding round takes the total capital raised by Pathao to over $50 million, the most for any pre-Series B start-up in Bangladesh.
The pre-Series B level of a star-up follows seed, pre-series A and series A stages and it is typically marked by expansion and investment requirements.
The latest Pathao funding round was led by the MENA-based VentureSouq, which has made “platform bets” across the Middle East, Africa and South Asia.