BusCaro raises $2m to tackle tricky mobility sector

Venture capital is starting to trickle back into Pakistan. In the latest round, Mobility startup BusCaro raised $2 million last week, bringing its total funding to $3.5m. The round was led by UAE-based Daman Investments, with participation from US/Saudi Cartography Capital, New York’s Epic Angest, UK’s Wahed Ventures, the Aga Khan Development Network’s Accelerate Prosperity, and a mix of angel investors. BusCaro, which offers shared commute services, was born in late 2022 — a time that could not have been less propitious for mobility startups. The world was emerging from the pandemic, the Russia-Ukraine war had triggered a global crisis, Pakistan was reeling from floods, and the local mobility sector was collapsing. Airlift and Swvl had folded, and Uber had exited Pakistan. What was once the hottest space had suddenly become a no-go zone.