Vostok New Ventures. Partech Ventures, Heritas Venture Funds, Cypress Capital, Tekton Ventures, Golden Gate Ventures, are the names funding the rise of Shohoz. It started as a bus ticket selling platform back in 2014 however. Having digitized the relatively smaller market of ticketing, it seemed logical for Shohoz to start ride hailing. Expanding operations toe to toe with Pathao, Shohoz is currently focused in the local markets of Dhaka and Chittagong. Shohoz sees opportunity in the lack of availability of transport options, and consumers’ limited affordability in Bangladesh.
What makes exploring the Bangladeshi markets more exciting than exploring beyond the national borders is the huge population. Shohoz has started ride sharing with motorbikes only last year. Shortly after, it added car sharing. By December 2018, it boldly stepped into food deliveries. Orders already 30000 a month since then. Indicating the significance of Bangladesh’s growth per capita over other asian tigers like India.
Initially Shohoz raised 15 million dollars. After that, Shohoz has raised considerable amounts in another round of funding, which however is undisclosed. As per Brilloth, the managing director of Vostok has expressed his intentions of working with Shohoz to build sustainable on-demand service businesses in Bangladesh. He added that the story of Bangladesh is a notable one.
Although it takes time to reach profitable scales in any consumer tech market, Shohoz has been growing rapidly, and stands tall in local startup investment story.
Source: Tech in Asia