Myanmar-based, leading ride-hailing platform Hello Cabs raises an undisclosed amount of funding from Nay Min Thu, founder of iMyanmar Group. Even though the exact amount of funding is kept undisclosed by the company, the value of the funding is expected to be in 7 digits US dollars.
Hello cabs was launched in 2014 and is currently owned by Dagon Logistics Co. Ltd. The company lets the user call a cab which charges on meter installed in the car. This lets the riders check their fares.
Riders are given the option to book cabs through phone calls a mobile app as well as via its website. They are also providing a feature to book rides up to seven days in advance. Additionally, it provides a car rental service in three cities, Yangon, Mandalay, and Nay Pyi Taw.
The company is a joint venture between three entities: Strategic Development International Holdings (SDI), Singapore-based GAP VC and car rental and taxi service Yaung Ni Oo. They also are the early investors of the company and hold the major stake in the company.
Commenting on the Hello cabs, Dr. Martin K Nanda, president of SDI Holdings Ltd., said:
We have started work (app-based taxi metering service) in Mandalay – the same is happening in Yangon, where the testing and trials are on
At present, Hello cabs have about 1000 cabs registered with it which is around 100% growth. The company had around 500 registered cabs in mid of 2016.
This new investment will help the company expand its business across the country. It also will help it prepares to compete with ride-hailing giants such as Grab and Go-Jek in the country.
Hello Cabs is first of its type in the untapped market of Myanmar. Last month, Singapore-based ride-hailing platform Grab launched a beta trial of GrabTaxi service in Yangon, Myanmar. This pilot program was the company’s first expansion into a new market in nearly three years.
Grab also got a great benefit over its rivalry venture Uber in entering one of the few remaining untapped markets in this region. Uber executives also had plans to start their operation in Myanmar and were in talks with the government representatives.