IFC invests in PickMe to improve Sri Lanka’s transportation links

The International Finance Corporation (IFC) is investing $2.5m in Sri Lanka-based ride-hailing company PickMe, whose taxi app allows users to request auto rickshaws and luxury cars. Amena Arif, IFC country manager for Sri Lanka and Maldives, says the country has the potential for a digital start-up ecosystem but has been held back by a lack of global funding. IFC says only 5% of start-ups get cash-for-equity seed funding to raise their first significant round of venture capital. IFC’s venture cap
June 19, 2018 Read time: 1 min
The International Finance Corporation (IFC) is investing $2.5m in Sri Lanka-based ride-hailing company PickMe, whose taxi app allows users to request auto rickshaws and luxury cars.


Amena Arif, IFC country manager for Sri Lanka and Maldives, says the country has the potential for a digital start-up ecosystem but has been held back by a lack of global funding.

IFC says only 5% of start-ups get cash-for-equity seed funding to raise their first significant round of venture capital.

IFC’s venture capital group invests in growing companies that offer technologies or disruptive business models focused on emerging markets.

Urban Traffic Control

Related Content

  • NNG, Ford partner on localised navigation system
    November 2, 2016
    Hungarian supplier of navigation software and infotainment solutions NNG has launched a Tier 1 project with the Ford Motor Company which aims to a produce high quality, reliable navigation solution that is fully tailored to complement the Ford brand in-car experiences. The project is localised to seven regions, covering more than 50 countries including Central America, India, Sri Lanka, Caribbean, Israel, most of Africa, the Middle East and Southeast Asia. Special local features are included to cater
    Read More
  • Nokia sells device business to Microsoft, but retains Here
    September 4, 2013
    Nokia Corporation has signed an agreement to sell substantially all of its devices and services business and licence its patents to Microsoft for US$7.1 billion in cash, payable at closing. Following the transaction, Nokia plans to focus on its three established businesses: NSN network infrastructure and services; Here mapping and location services; and Advanced Technologies technology development and licensing.
    Read More
  • Air quality tops transportation agendas
    November 17, 2014
    Colin Sowman catches up on some of the latest research around outdoor pollution and looks at options available to authorities in areas of poor air quality. Iair quality hasn’t already reached the top of the agenda in transportation department meetings in your area, it probably soon will with national, trans-national and even global bodies calling for authorities to reduce pollution levels.
    Read More
  • Urban tunnel replaces viaduct, improves safety
    October 10, 2012
    Earthquake sensors, automatic barriers and real time monitoring systems are all part of a scheme to make a major Seattle traffic artery safer, by taking it underground. Huw Williams reports. Seattle’s metropolitan area of 3.5 million people, like much of the western seaboard of the United States, lies in an earthquake zone. In Seattle’s case, the city and its hinterland sit atop a complex network of interrelated active geological faults capable of severe seismic activity and posing complex considerations fo
    Read More

Highlighted Content