Friday, February 3, 2023

Bykea’s battle for survival - Profit by Pakistan Today

Last updated Sunday, August 28, 2022 15:12 ET , Source: TopWireNews

Muneeb Maayr has a unique place in Pakistan’s startup ecosystem. In some ways, he is your typical startup founder. American educated, clean-cut, well-spoken, impressive. All of the things you first notice when someone introduces you to the hot-shot CEO of a startup. In some other ways, he sticks out like a sore thumb. For starters, he is significantly older than most of the other founders in the ecosystem, having graduated from the University of Virginia more than two decades ago in 2001. And perhaps even more importantly he has the advantage of experience.
Maayr began his professional journey as an investment banker, and worked in the corporate world for more than 10 years. That is, until 2012, when he ventured into the world of startups as the co-founder of Daraz, which he helped build into the largest online marketplace in the country, before guiding it through a successful exit to Alibaba in 2016. That is when he launched Bykea.
Launched in 2016, Bykea came into existence in a market where Careem and Uber were two titans fighting it out to establish dominance. Pakistan has long had a mobility issue, and here we had not one but two well-funded startups offering a solution and willing to burn cash to prove their point. In the middle of all this, Bykea came in with the concept that since the Pakistani market had an abundance of bikes, the solution to urban mobility lay in utilizing two-wheelers rather than cars the way Uber and Careem were doing.
In the six years since...

Read Full Story: https://profit.pakistantoday.com.pk/2022/08/29/bykeas-battle-for-survival/

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