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

  • Q-Free strengthens ATMS business
    March 28, 2014
    Q-Free has strengthened its position in the market for advanced transportation management systems with the signing of a share purchase agreement for the acquisition of intelligent transportation systems (ITS) supplier TDC Systems for an estimated cash and equity consideration of US$16.6 million dependent on future financial performance. Established in 1998, TDC Systems comprises TDC Systems in the UK and its sister company TDC Systems in Australia, both of which are owned by founder and managing director
    Read More
  • ITS innovations – a change for the better?
    May 5, 2016
    Josef Czako takes a look at what the future developments may hold for both the transport sector and society. As the dust of the 2015 World Congress in Bordeaux settles, we can begin to see more clearly some of the most important future innovations in ITS are starting to be linked together: mobility as a service (MaaS), mobility pricing and autonomous vehicles. They all are based on global trends, like digitalisation, automation and servitisation.
    Read More
  • News from transportation associations around the world
    February 3, 2012
    Why is the International Road Federation (IRF) moving into the ITS sector? Caroline Visser, road finance specialist from the IRF's Geneva Programme Centre explains
    Read More
  • News from transportation associations around the world
    February 6, 2012
    Why is the International Road Federation (IRF) moving into the ITS sector? Caroline Visser, road finance specialist from the IRF's Geneva Programme Centre explains
    Read More

Highlighted Content