Nay Min Thu, founder of iMyanmar Group, made an investment of 7-digits in Hello Cabs
This new investment will help bolster its business as it prepares to face off the impending entrance of ride-hailing giants Grab and Go-Jek in the country. Go-Jek is reportedly eyeing Myanmar as part of its regional expansion plans following rumours of a new funding round, and Grab has launched its GrabTaxi service in the country.
Another ride-hailing titan, Uber, also has ambitions for Myanmar, according to a report by TechCrunch. An Uber spokesperson said that it will be working closely with government in Yangon, following a meeting held in January.
Launched in 2014, Hello Cabs operates an on-demand metering platform (though, riders can also see the total fare upfront). Riders can book rides through phone calls, a mobile app as well as via its website. They can also book rides up to seven days in advance.
Additionally, it provides a car rental service in three cities, Yangon, Mandalay, and Nay Pyi Taw.
Hello Cabs is owned by Dagon Logistics, a joint venture between three entities: Strategic Development International Holdings (SDI), Singapore-based GAP VC and car rental and taxi service Yaung Ni Oo, which holds a majority stake.
Hello Cabs currently operates about 1,000 taxis and plans to increase that number to 1,940 this year. It will also launch a ride-sharing service this year.
Revenue wise, Hello Cabs aims to hit US$11.6 million this year.
Image Credit: Hello Cabs
Want to be part of the ecosystem?
Register for your Echelon Asia Summit access pass now! Enjoy +10% off Echelon Asia Summit Startup, Investor and Corporate passes just for being our favourite e27 reader
The post Uber for Myanmar, Hello Cabs, raises funding and will compete with Grab and Go-Jek appeared first on e27.
Follow us on Social Media
Send in your scoops to firstname.lastname@example.org