Online travel technology company GoZayaan, which started in Bangladesh and now operates in Pakistan, has reportedly raised a new round of funding at an undisclosed valuation.
A recent addition of $4.6 million in funding was made to his Crunchbase profile.
The startup’s total funding now stands at $8.1 million, up from its previous funding of $3.5 million.
According to Future Startup, “The simple deduction suggests that the company raised an additional $4.6 million in funding.”
According to Future Startup, GoZayaan has also recently embarked on a frenzy of new business. The company’s Linkedin profile shows active and continued hiring across all divisions, demonstrating both expansion and strength.
Sources say the company has hired a number of high profile employees for upcoming projects.
However, the company or its representatives have yet to publicly acknowledge the news.
Since the beginning of the year, GoZayaan has been making waves in the Bangladeshi startup industry. In February this year, it acquired Pakistani online travel marketplace FindMyAdventure, becoming the first Bangladeshi travel agency to cross international borders.
According to industry sources, the new round of funding indicates the strength of GoZayaan’s operations and that investors continue to find the Bangladesh market attractive.
GoZayaan had recently added features such as online flight bookings and international hotels and travel, which also indicated the company’s growth in recent times.
Based in Singapore, the startup currently offers the booking and purchase of domestic and international air tickets, international and domestic hotels for all budgets and preferences, as well as local and international tours from its platform.
Industry insiders have also pointed out that with the current global scene in the startup world not being promising, the news regarding GoZayaan funding, if true, is a good sign for the startup sectors in Bangladesh and from Pakistan.
The investment speaks volumes for the local start-up sector, as it has been increased during the ongoing global economic downturn, with venture capital (VC) firms reducing their investments from the start of the second quarter of 2022.
According to Crunchbase, venture capital funding has fallen dramatically globally, slowing in the second quarter of 2022 as investors turn away from funding bets at a later stage.
Global seed funding totaled just $34 billion in Q3 2022, down 25% quarter over quarter and 39% year over year.