Gobi Partners leads $1.5 Million Series A Funding for Sastaticket.pk
Sastaticket.pk, an online travel website based in Karachi, Pakistan, announced today at the 021 Disrupt Conference that it has secured US$1.5 M for its Series A, led by regional venture capital firm Gobi Partners. The investment marks Gobi’s first venture into the Pakistani market and adds another pioneering company to its growing TaqwaTech portfolio.
Founded in September 2016 by brothers Shazil and Bilal Mehkri, Sastaticket.pk offers domestic travellers a way to book and pay for flights and hotels instantly online. Ever since its launch in 2016, the platform has experienced significant growth in GMV at 125% YoY, and number of orders at 155% YoY, and has over one million flight searches per month, indicating a clear market demand for the platform.
Today, Sastaticket.pk is currently the Pakistan’s largest one-stop web platform for all travel-related services.
The company has consistently delivered sound growth and demonstrated technical expertise; they have articulated a clear vision to solve problems faced by Pakistani travellers.
“With this round of funding and access to Gobi’s wealth of experience in the online travel sector across Asia, we are excited to enhance our products and services. This funding will help us increase our scale, recruit top talent, and increase our development speed in critical segments such as Islamic tourism,”
Gobi’s Founding Partner, Thomas G. Tsao, also commented on the round, saying,
“Gobi has had a lot of success investing in the online travel space. We believe the conditions that led to the growth of giant OTAs in China are also present in Pakistan. Sastaticket has a real opportunity to become one of the first unicorns out of the country.”
Nowadays, Pakistan is one of Asia’s fastest growing Internet markets, with over one million people going online via their mobile phones every month. The e-commerce market has similarly witnessed phenomenal growth recently, driven by the country’s large population, rising middle class, and strong digital adoption rates; it is growing at a CAGR of over 100%, and as per Google’s analysis, will surpass the US$1 billion revenue mark by 2020.
In addition, the country’s travel market is showing great potential; it stood at US$8.8 billion in 2017, contributing 2.9% of the total GDP, and is forecasted to grow to US$16.4 billion by 2028, representing a CAGR of 5.8%.