It’s ‘JumJum’ for PickMe in Nepal as Lankan firm takes tech collaboration overseas
Daily FT: PickMe has crossed digital borders and will take the ride hailing market by storm with the launch of their latest technology partnership, JumJum (Let’s Go) in Nepal, a country where 78% of 3.22 million vehicles registered are motorcycles. Named as the Motorcycle city, Kath-mandu Valley claims to have over a million motorcycles on their busy roads.
PickMe’s CEO Jiffry Zulfer said it made perfect sense to launch their services for Nepal’s motorcycle segment. JumJum will initially launch in the Kathmandu valley, which is said to be home to 40% of the 2.5 million registered motorbikes in Nepal.
The App which is called JumJum to give a more local feel for Nepali users, is a tech collaboration between PickMe and the largest fintech service provider ‘F1Soft’ in Nepal.
“This strategic partnership is the culmination of a long search in South Asia to take our services to another country in the region. We have done it in a manner that adds value to the Nepali economy, by engaging with an acclaimed Nepalese tech company,” added Zulfer.
In 2018, the International Finance Corporation (IFC) made a $2.5 million equity investment in PickMe – the first start-up IFC backed in Sri Lanka – to help the company expand across the island and increase access to affordable, safe, and efficient transportation.
IFC Sri Lanka and Maldives Country Manager Alejandro Alvarez de la Campa said: “Over the years, PickMe excelled in diversifying their products and services by expanding beyond ride-hailing to being a logistics company and also a pioneer in delivering necessities, especially during crises. It also became a platform which helped create jobs and new economic opportunities for many, including for women. At IFC, we are delighted to see PickMe going across borders and venturing into newer markets, supporting the growth of Nepal’s startup ecosystem.”
Speaking on behalf of JumJum, F1Soft Group President and Chairperson Biswas Dhakal said: “In heralding the arrival of JumJum in Nepal, we witness the convergence of two technological powerhouses: PickMe from Sri Lanka and F1Soft from Nepal. This partnership represents a fusion of unparalleled expertise and innovation, poised to redefine the landscape of ride-hailing solutions in Nepal. By leveraging the collective strengths and domain expertise of both entities, JumJum stands as a testament to the transformative potential that arises when visionary leaders unite. As we embark on this journey together, we are committed to delivering a seamless and unparalleled experience for our users, setting new benchmarks for excellence in the realm of digital mobility.”
PickMe Chairman Ajit Gunewardene, articulating the company›s immense potential, said: “Almost a decade ago, when PickMe was launched, we recognised its capacity to evolve into a prominent entity within Sri Lanka. We also foresaw its potential to transcend borders. The vision was to provide a service that would be of international standards. Over the years, PickMe has diligently forged partnerships across the region, and as we venture into the Kathmandu valley, our aspirations have been realised. While there will undoubtedly be a learning curve, it serves as a vital stepping stone towards propelling PickMe to greater heights with expansion into new markets. I am unwaveringly confident that our adept team possesses the requisite knowledge and expertise to ensure the success of PickMe›s expansion into Nepal.”
OSL take:
Sri Lanka’s private sector has shown its strength and resilience by their performance during the recent economic challenges faced by the country. It is also an indication of the overall strength, resilience and growth of Sri Lanka’s overall economy. Many local private sector businesses are engaged in expansion programmes within and outside the South Asian region, indicating the strength of the overall growth of the country, which is on the path to becoming a regional hub. The expansion of Sri Lanka’s PickMe to Nepal indicating a growth in Sri Lanka’s tech cooperation with other countries has presented a new business/investment opportunity. While exploring for the increasing business/investment opportunities in Sri Lanka’s expanding economy, foreign businesses/investors could also look at the possibility of forming partnerships or joint ventures with local businesses representing key economic sectors with the aim of further expansion. Foreign businesses could also look at setting up base in Sri Lanka to engage with other countries in the region using the strong trade ties enjoyed by Sri Lanka with other countries.