BusCaro raises $2m to ‘expand work and mission’
- BusCaro currently enjoys annual recurring revenues of more than $6 million, reports say
Commuting startup BusCaro announced it has raised $2 million in a round led by Dubai-based Daman Investments.
“This investment marks a key step towards expanding our work and mission further within Pakistan,” the company said in a post on LinkedIn.
Interview with Maha Shahzad - Founder and CEO, BusCaro: ‘Safe, affordable commute is a basic right’
“This significant milestone would not be possible without the trust of all our esteemed partners, investors, clients, and key stakeholders,” it added.
The company shared a report by Forbes which noted that BusCaro currently enjoys annual recurring revenues of more than $6 million and is projected to get to $8.6 million by the end of the year. It also said the company takes more than 900,000 bookings every month.
The news comes just two months after ride-hailing service Careem shut down operations in Pakistan. According to Forbes, BusCaro, which operates in Lahore, Karachi, Islamabad and Rawalpindi, “differs from other commuting apps because it has never sought to target individual passengers. Instead, it signs contracts with employers, universities and schools, all of which have large workforces or student populations that need to get to them each day.”
“To the thousands of parents and women that trust us with their safety - we’re only getting started and we won’t let you down,” wrote founder Maha Shahzad on LinkedIn.
When naming investors in the company, Shahzad also mentioned Epic Angels, Cartography Capital, Wahed and Orbit Startups.
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