International Finance Corporation (IFC), the private sector investment arm of the World Bank Group, is set to invest US $ 3 to 4 million in Digital Mobility Solutions Lanka (Private) Limited, the operators of PickMe, Sri Lanka’s largest ride hailing app.
“IFC’s investment will provide working capital for the expansion of company operations across Sri Lanka,” an IFC disclosure said. This will be IFC’s first investment in PickMe.
Jiffry Zulfer Hassen is the founder and largest shareholder of Digital Mobility Solutions Lanka (Private) Limited.
Other shareholders include Ajit Gunewardene, Lanka Orix Information Technology Services Ltd, Interblocks Limited, H Capital (Private) Limited, and Ruchi Gunewardene.
PickMe’s operations are currently focused on the Colombo area and Kandy and taxi hailing app based service for primarily five types of vehicles—three-wheelers, nano cars, mini cars sedan and vans.
The company also provides premium transport services (VIP rides) for special occasions like weddings, seminars, and to corporate clients etc.
Under the current operations, on-demand taxi hailing service is provided by a registered driver called ‘freelancer driver’ through the company’s mobile application.
Any member of public, who owns a vehicle, can register with the company as a freelancer driver after meeting the eligibility criteria and passing the background checks.
Once registered, the drivers are then free to accept pickup/drop requests from the PickMe mobile app, as per the terms and conditions signed with the drivers.
Likewise, a customer can choose his/her pickup and destination locations and put a request on the PickMe mobile app which can be accepted by one of the registered freelancer drivers.
The company currently has around 20,000 registered freelancer drivers who are active on the network, have their own vehicles and are providing services on revenue sharing basis.
At present, the company’s operational assets include its corporate office space in Colombo and a small office in Kandy, both of which are leased spaces. The company does not have any other assets or buildings and it does not own any vehicles.