Shohoz rides, the latest addition in the ride-sharing industry of the country, has pulled in $15M worth of investments as a part of its round B investments. Singapore based Golden Gate Ventures led the new investments round. Linear VC of China, 500 Startups and Singapore based angel investor Koh Boon Hwee were also associated with this investment.
With this investment, Shohoz rides becomes one of the heavily invested in businesses in the country and looks steadily set in their goal of expanding their services in the future. Shohoz’s closest rival, Pathao, has also recently raised $10M investment from Indonesian ride sharing giant, Go-Jek.
Shohoz has remained a trusted name in online sales for bus tickets since 2014. After its initial success, it soon expanded to selling ferry tickets and very recently, tickets for events and movies. After the ride-sharing industry in the country saw a boom in the latter half of last year, Shohoz started out its ride-sharing services, Shohoz rides, this year in January.
With its ride-sharing services rapidly gaining traction, it does not, however, mean that the platform will move away from its bus ticketing services. “Bus tickets will remain an important part of our business, [there’s] lots of synergy with ride-sharing,” she explained in an interview with Techcrunch. “Dhaka has a super dense population with bad infrastructure. If anything, there’s a better case for ride-sharing than Indonesia. There’s no subway and transport is a horrid nightmare.”
Shohoz started its ride-sharing services by adding motorbikes to its platform. It recently added cars to it and hopes their overall service will ease the traffic situation in the capital city.
Keeping its feet on the ground
Despite having shown promising prospects, Shohoz has apparently been taking things slow. It hasn’t yet shown any initiative to grab iOS users in the country but recently underwent a massive rebranding to appeal to new customers. It is unclear if they’re planning to launch an iOS app any soon.
Shohoz plans to tap into the groceries and food delivery market soon. It aims to model itself after the “Super App” style most southeast Asian tech giants usually go for and something Pathao has recently ventured into.
It doesn’t plan to go global anytime soon but is surely set to expand its services outside the capital city of Dhaka, as explained by the CEO in a recent interview.
Is three a crowd?
Currently, three ride-sharing platforms, including Shohoz, are doing steady business in Bangladesh.
Can Shohoz keep up with aggressive Pathao and international giant Uber with its laid back but organised market strategies? So far, they’ve been doing good for themselves. Only time will tell what the future holds for this ride-sharing rising star.