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Sri Lanka’s only digital company PickMe completes an outstanding 10th year

By: Staff Writer

July 04, Colombo (LNW): Sri Lanka’s leading digital company, PickMe, has achieved a remarkable performance in FY24 as it marks its 10th anniversary.

The company saw its user base reach a new high, with the gross transaction value facilitated by the app increasing by 118% to Rs. 39 billion, reflecting the economic value generated for independent third-party drivers and merchants. Revenue doubled to Rs. 3.9 billion, driven by the growing adoption of PickMe Flash for on-demand delivery and PickMe bikes, showcasing significant interest and growth potential.

The company’s rigorous cost management coupled with strong top-line trends resulted in a pre-tax profit surge to Rs. 993 million from Rs. 69 million. Cash reserves exceeded Rs. 1 billion, with plans for strategic allocation to fuel future growth and ensure long-term shareholder returns. PickMe Chairman Ajit Gunewardene highlighted the company’s achievement of strong, profitable growth at scale, marking a pivotal inflection point.

Platform movements increased by 164% to 58 million in FY24, driven by a larger user base and higher engagement. Despite inflation, the platform’s innovative technology reduced average ride-hailing fares per kilometer by 11% year-over-year (YoY). Gunewardene attributed these efficiency gains to optimized resource allocation and streamlined experiences for both drivers and consumers.

Independent third-party driver utilization rates increased by 14% YoY, and average wait times for consumers decreased by 9% due to enhanced matching algorithms and optimized route planning. The logistics and parcel delivery segment also saw a 115% YoY growth, enhancing operational efficiency for small and medium businesses in Sri Lanka.

Playing a significant role in the nation’s economic recovery, PickMe’s two-wheeler trips grew from 0.7% to 5% of ride-hailing volume, becoming the fastest-growing segment and offering cost-effective mobility and earnings opportunities for bike owners.

Founder and CEO Jiffry Zulfer emphasized the central role of innovation, technology, and engineering excellence in PickMe’s mission to revolutionize mobility and delivery. As the digital ecosystem grows in importance, PickMe is positioned at the forefront of Sri Lanka’s digital economy, with plans to capitalize on mobility sector opportunities to ensure optimal stakeholder returns.

Chairman Gunewardene expressed confidence in the sustainability and profitability of last year’s momentum, supported by macroeconomic stability and the need for efficient resource allocation. The company is committed to continuous investment in innovation, maintaining agility, relevance, and technological advancement as its core strengths.

PickMe’s future is seen as integral to Sri Lanka’s digital progress, leveraging digitization to drive national development and ensuring the company’s people, engineering capabilities, and intellectual property remain unparalleled. The company aims to seize future opportunities and play a key role in the country’s digital transformation.

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