PickMe rides to stellar 9 month’s performance

• Gross bookings or value of fares and orders paid by users of platform jumped to an all-time high of Rs. 27 b
• During 3QFY24 transaction volumes grew 140% YoY, 
• user base grew by 100% YoY
• PickMe continues to post net profits for fifth consecutive quarter after currency crisis of mid-2022
• Says balance sheet is debt free now and has an excess of Rs. 800 m available for further investment for growth

Chairman Ajit Gunewardene

Founder and CEO Jiffry Zulfer

PickMe said yesterday the company has shown exponential growth in the 9 months of Financial Year 2023/24.

It said the momentum which started at the beginning of the 3Q of FY23 continued at pace with the 3Q of FY24 beating all records and reaching an all-time high. 

PickMe which can be categorised as Sri Lanka’s truly digital company, that uplifted the socioeconomic status of many Sri Lankans via its mobility solution, has surpassed all expectations thanks to strong demand for ride hailing. All other segments have also shown steady growth, the Company said.

The structural economic changes that had taken place aimed at getting Sri Lanka out of the financial crisis has positively impacted PickMe’s core business of Ride Hailing. Gross bookings or the value of fares and orders paid by users of the platform jumped to an all-time high of Rs. 27 billion for the 9 months ended 31 December 2023. During the 3QFY24 the transaction volumes grew 140% YoY, while the user base grew by 100% YoY. Apart from the driver base and the customer base on the platform being at an all-time high in 3QFY24, their engagement levels have been at healthy levels. This has directly contributed to the reliability and service levels on the platform improving.

The company continued to post net profits for the fifth consecutive quarter after the currency crisis of mid-2022. The growth in operating profit and net profit remained strong and during 3QFY24 the operating profits increased by 140% YoY. The company is generating positive free cash flows and the balance sheet which is debt free now has in excess of 

Rs. 800 million available for further investment for growth.

PickMe which first turned a profit in the financial year FY18 has battled its way through the numerous external shocks the country has faced and emerged stronger as a result of an exceptional management team and engineering talent that successfully navigated these rough waters.

PickMe Chairman Ajit Gunewardene said he is “extremely proud of the team and their achievements. The company has hit its inflection point early this year and we are now generating strong profitable growth at scale.” 

PickMe Founder and CEO Jiffry Zulfer said: “Innovation, technology, and engineering excellence are at the core of our mission to revolutionise the mobility and delivery landscape. The digital ecosystem is now taking centre stage in economic activities and both lawmakers and policymakers are taking great interest in straightening out legal frameworks to create vibrancy in this sector.”

“We at PickMe see ourselves as the vanguard of Sri Lanka’s digital economy and seeing the opportunity we have in the mobility business, our plans for expansion are now very much a reality. The future for PickMe is set, and we will endeavour to take every step to give the best returns to our stakeholders,” Zulfer said.

“I am immensely proud of our team’s collective achievements, which have enabled us to deliver exceptional experiences to our customers and partners. As we continue to evolve and innovate, I am confident PickMe will continue to drive positive change and set new benchmarks of success,” the CEO added.