IFC endorses PickMe as a star performer in the transport sector
PickMe, which has completed 100 million rides covering 900 million kilometres over the last 8 years, says technology is their greatest success factor. Over 120 IT engineers work at the company to build an ecosystem that allows millions of people to engage on the platform for their livelihoods, for their families that indirectly benefit from this income, and for direct users of the services offered.
The PickMe network has thrived and attracted the interest of high-profile investors. Key amongst them is the International Finance Corporation (IFC) who named the company a star performer amongst startups in Sri Lanka. Ruchira Shukla, Disruptive Technology Investments South Asia Lead for IFC, who participated in the recently held ‘Internet Day 2022’ organised by Federation of Information Technology Industry Sri Lanka (FITIS) said the Corporation was very pleased with the achievements of PickMe, which began as an IFC backed tech start-up. “They have executed really well through the macroeconomic storms over the last two years,” she said, adding that Sri Lanka continues to do well in the transport sector with PickMe as a star performer.
Jiffry Zulfer, Founder CEO of PickMe, says, “While technology is positioned well within our company, the fact that we can integrate proactively into communities and give value to both customers and driver partners is because we have become competitive and allow market forces to determine our pricing. This is a win-win for all, and our fares are twenty to thirty percent below the tuk-tuks that are not app-based. What this proves is, when technology and transport solutions merge, there is value addition. On a macro, the economy can see many benefits when more people move towards rider hailing services and stop using private cars. The addition of various things, like carpooling, can increase the number of passengers in a vehicle, allowing for better per-person mileage on a litre of fuel. Our recently introduced feature, Direction, is showing significant results in this area.”
Another of the key factors for PickMe’s success has been its agility and the ability to pivot to current trends, which is now a trademark the company takes pride in. PickMe can tweak their systems to change course and speedily adapt to the ambient social and economic environment and this was proven during the lockdown, when the company pivoted to adapt to the most challenging of times.
PickMe says since they are a digital company, there is the potential to grow even beyond the sovereign borders of Sri Lanka, to provide digital transport solutions to neighbouring countries needing an efficient service. However, a step in the right direction in achieving this would be a level playing field for the country’s digital economy, which PickMe is lobbying for with relevant policy makers.