ECONOMYNEXT- PickMe, a Sri Lankan ride hailing firm, will continue to expand through acquisitions, a top official said, after purchasing a digital content creator this week.
“PickMe would be looking at expanding through future acquisitions as well,” Founder Chairman Ajit Gunawardene told EconomyNext.
PickMe, which has both ride hailing and food delivery services, this week acquired digital content creator YAMU which specializes in restaurant reviews.
“We would be looking at acquiring other new economy businesses to fuel our growth,” Gunawardene said.
Gunawardene said that acquisitions would either be in PickMe’s core service or adjacent, related services such as YAMU which add value to the firm’s main business.
“Acquisitions would most likely be of adjacent businesses than our core product,” he said.
The firm claims that it has over 1 billion rupees in annual revenues, and has attracted 3 million US dollars in venture capital funding, which is the highest among all startups in Sri Lanka.
It is backed by a group of private and institutional investors.
PickMe is one of Sri Lanka’s two largest ride hailing apps, competing with US-based Uber. (Colombo/Aug03/2019)