GoZayaan acquired Pakistan-based FindMyAdventure, becoming the first travel technology platform in Bangladesh to acquire any non-Bangladesh company beyond its borders.
The company said in a press release that the core reason for acquiring a Pakistani travel-tech platform is the similarity in geography, internet penetration and user behavior in terms of travel booking.
The local start-up says its expansion overseas was in tune with its goal to play a important role in shaping the future of travel in the South Asian region, paving a path for tech-enabled innovative solutions.
“Bangladesh has the potential to create not just local, but also regional or global companies. We are going to try exactly that. This unlocks a total addressable market for us which is massive because together, Bangladesh and Pakistan constitute 5% of the world’s total population. We said we were going to create the future of travel; well the future starts now,” GoZayaan CEO Ridwan Hafiz said.
“A new notion of pride is added as GoZayaan’s acquisition of a Pakistani travel-tech platform sets the stage for future deals overseas, signaling an OTA boom in the South Asian market,” the press release added.
For this acquisition, GoZayaan raised an undisclosed amount in extended seed funding backed by existing investors Nordstar Partners, DST Global Managing Partner Saurabh Gupta and PAYBACK Founder Alexander Rittweger.
Its $2.6 million seed round closed last year led by Wavemaker Partners and joined by venture capital firms Ratio Venture, 1982 VC, Iterative, Century Oak Capital along with current and former Airbnb executives.
Go Zayaan’s pre-seed funding was raised from Brac Osiris Impact Ventures.
GoZayaan started the journey with a mission to move the travel scene into the digital space. The company’s enthusiasm for solving problems through the rapid adoption of technology has been demonstrated, recording a nearly ten times increase over 2021, when tourism was at its lowest point due to the pandemic.