PickMe

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 The proposed IFC investment is a US$3-4 million equity subscription in Digital Mobility Solutions Lanka (Private) Limited (“PickMe” or “the Company”). PickMe is a Sri Lankan technology company which provides a ride hailing application (“PickMe mobile app” or “app”) that enables customers to call a vehicle for hire through their smartphone. IFC’s investment will provide working capital for expansion of company operations across Sri Lanka. The Company’s operations are currently focused on the Colombo area and Kandy. The company currently provides only taxi hailing app based service for primarily five types of vehicles (tuk- or the autorickshaw, nano car, mini car, sedan and van). The vehicles can also be hailed on road side if not already hired or parked idle. The company also provides premium transport services (VIP rides) for special occasions like weddings, seminars, and to corporate clients etc. Under the current operations, on-demand taxi hailing service is provided by a registered driver (called “freelancer driver” or “driver”) through the company’s mobile application. Any member of public who owns a vehicle can register with the company as a freelancer driver after meeting the eligibility criteria and passing the background checks. Once registered, the drivers are then free to accept pickup/drop requests from the PickMe mobile app, as per the terms and conditions signed with the drivers. Likewise, a customer can choose his/her pickup and destination locations and put a request on the PickMe mobile app which can be accepted by one of the registered freelancer drivers. The company currently has around 20,000 registered freelancer drivers who are active on the network, have their own vehicles and are providing services on revenue sharing basis. At present, company’s operational assets include its corporate office space in Colombo and a small office in Kandy, both of which are leased spaces. The company does not have any other assets or buildings and it does not own any vehicles. This is IFC’s first investment in PickMe.