The Vietnamese ride-hailing service will soon ride to Indonesia and Myanmar as its first two international markets
Vietnamese ride-hailing service FastGo has announced its plan to enter both Indonesia and Myanmar by the end of this year, as reported by Viet Nam News. In detail, the company expects to occupy 30 per cent of market share in Indonesia, and aims to grab a second place after Grab in the Myanmar market.
“FastGo is now seeking to raise US$50 million in its Series B round of funding. The fundraising is going to finish in the first quarter of 2019 and aims to accelerate regional expansion,” said FastGo CEO Nguyễn Hữu Tuất.
Furthermore, Tuất explained that the reason behind choosing both competitive markets is due to the presence of strategic partners in the two countries and the company’s three-year long preparation to expand to foreign markets enable the company to launch with confidence. “Grab and Go-Jek are both challenges and opportunities for FastGo,” he added.
Just in August, the U$100-million tech-focused venture arm of local fund manager VinaCapital, VinaCapital Venture, invested an undisclosed amount in FastGo. The funding helped FastGo to expand operation in Đà Nẵng.
FastGo claimed that it has more than 30,000 drivers registered on its system and completed 100,000 successful car calls for nearly 150,000 users on its app. FastGo is now looking at 1 million users in the country to close the year.
FastGo is the first ride-hailing apps that offers insurance to customers in all their trips and not charge drivers for discounted rates. The company, which has a similar basic approach as Grab, also plans to expand to the Philippines, Cambodia, and Thailand afterwards.
Image Credit: Vietnam Investment Review
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