Sri Lanka’s PickMe mulls financial services
ECONOMYNEXT – Sri Lankan ride hailing service PickMe is considering going into financial services in the medium term after extending its existing taxi service into food delivery and logistics, its chairman Ajit Gunawardene said.
“Our core business will remain ride hailing but there’s a lot more growth we believe we can achieve,” he told a forum held by the Asia Securities brokerage where its new study on the logistics sector was presented.
PickMe will extend its business into food delivery and trucking, offering to transport heavy goods on demand for individuals and businesses, particularly small businesses.
Gunawardene said more mobile connectivity with higher adoption of smart phones will drive expansion along with economic growth which creates better levels of affordability and aspirations.
PickMe intends to make use of data analytics to offer more services to customers.
“We’ve got two million downloads of our PickMe app as of now and doing about two million rides a month. We can communicate with our customers any second of the day.”
PickMe intends offering customised and tailor made services to customers.
“It can be whole range of services – from vehicle repair to insurance, customised and priced to the individual, as opposed to one-price-fits-all,” Gunawardene said.
“We can analyse and price the risk. We can have daily fluctuating rates depending on where you are going. Financial services like lending can be customised, tailor made with credit evaluation done on the spot.”
Gunawardene said he foresees exponential growth with the next expansion being food delivery and trucking with financial services more in the medium term.
“What is the size of the addressable market? We’re going after every ride that takes place in the country every day – people or goods, be it food or a package.”