Sri Lanka’s local taxi service provider, PickMe’s net revenue has increased by 350% from the financial year 2022-2025, as consumer spending shifts further toward daily convenience and digital services, HNB Stockbrokers said.

According to a report by HNB Stockbrokers on Digital Mobility Solutions Lanka PLC, parent company of PickMe, net revenue rose from Rs. 1,295 million in FY22 to Rs 5,835 million in FY25.

“As consumer spending shifts further toward daily convenience and digital services, PickMe is well-positioned to capture incremental demand in a strengthening economy,” the report said.

Moreover, it said that ride-hailing and platform-based delivery businesses are inherently shaped by network effects, where scale reinforces utility for both users and service providers.

“PickMe exemplifies this dynamic, with a driver base of over 100,000 and 1.34 million monthly unique users completing 6.4 million trips on average each month,” HNB Stockbrokers said.

Uber operates with strong brand recognition but tends to focus on higher-value urban segments, while PickMe’s localised pricing models, integration with domestic payment systems, and extensive three-wheeler network enable deeper penetration into suburban and peri-urban markets.

The company’s local knowledge also gives it an edge in refining its service offerings towards local market demands.

While formal market share data is unavailable, PickMe is widely perceived to hold the larger share of the two main players. The ride-hailing sector remains early in its growth cycle, with a significant growth runway.

“We estimate the total addressable market for private vehicle passenger trips at over 1.1 billion annually, compared to more than 2.1 billion trips on public transport. Current penetration, measured as PickMe users as a percentage of internet users, remains below 4%,” the report said.