GoZayaan is the largest travel company in Bangladesh focused on 'moving travel online', and then extended its reach into Pakistan as well. Picture it as the Agoda or Expedia of a market comprising over 400 million people with annual growth rate of 20%. The challenge we're addressing - navigating capital controls in Bangladesh and Pakistan, which severely restrict locals from utilizing their credit cards on global platforms such as Agoda or Expedia.
Hometown, a subsidiary of GoZayaan was launched with a simple mission: to help Bangladeshi migrant workers. We kicked things oK in November 2022 by offering budget-friendly flight tickets to the workers in Singapore, and ever since, our app has been taking oK with more than 99% of the market giving it a go. Hometown launched Remittance under the same app that allows people to send money back home instantly. Within the span of 7 months, we became the fastest growing and one of largest remittance providers between Singapore and Bangladesh corridor.
In terms of company health, having successfully raised over $10.2+ million in funding from a notable lineup of investors, including Wavemaker, DST Global, Sturgeon Capital, and 1982 Ventures (and more), our Group Company is already profitable, and we're gearing up for an aggressive expansion.
Why Iterative invested in GoZayaan
While most of the US, Europe, Asia have digitalized travel, that’s not the case for Bangladesh. A lot of what we take for granted with booking flights, hotels, etc online simply doesn’t exist or is still very inconvenient there. What makes it worse is using global platforms is impractical because there are limitations to how much foreign currency Bangladeshis can use per year. GoZayaan is rapidly changing this and we think has the potential to capture the roughly $9B travel market in Bangladesh.