Dubai-based Falcon Network and Tahseen Consulting have invested in the seed round for Bangladesh-based public transportation application Jatri. The funding round included other unnamed angel investors. The amount of funding has not been disclosed but it is claimed to be one of the largest seed rounds ever raised in Bangladesh.
Through its mobile application, Jatri provides ticketing and live tracking services of public transport buses in Dhaka. Jatri plans to use the funding to scale-up its services in Bangladesh’s populous metropolitan areas and fast track product development for additional transport modalities.
"We are very grateful to be supported by such a prominent team of business builders and investors. Our initial target is to significantly enhance the rider experience on buses, but we are just getting started. We plan to look at other transport modalities and view enhancing the public transport experience as a global challenge that Jatri’s technology is uniquely positioned to solve. We are creating a solution born in the developing world that can address congestion and enhance public transport ridership in the developing and developed world. Later in the month, we are traveling to the United Arab Emirates to explore opportunities after significant interest was shown in our technology for improving their bus system," said Aziz Arman, co-founder and chief executive officer (CEO) of Jatri.
The startup claims to have more than 30,000 users since it started 8 months ago, and to have had its technology used by bus operators to complete more than 50,000 trips.
“At Falcon Network, we aim to invest in startups that not only have strong market potential but which also show promising results in creating a sustainable impact in the lives of people. In a very short time, Jatri has proven that it has the aptitude to revitalise the public transportation industry in Bangladesh. It has created a pathway for the everyday commuter to benefit from smart solutions, and we believe these solutions have wide ranging applications in many markets in the Middle East and Africa region as well,” said Sayd Farook, co-founder of Falcon Network.
“When most people think of startups, they envision Silicon Valley. We back world-class founders in emerging and frontier markets who are empowering and uplifting the next billion. Bangladesh doesn’t have Silicon Valley's mystique, but its entrepreneurs are building transformative, world-class companies. In Jatri we see a passionate, experienced management team where we believe our capital and expertise can support leveraging technology to transform public transport in Bangladesh and globally,” said Wes Schwalje, chief operating officer (COO) of Tahseen Consulting .