FastGo to bring ride-hailing service to Indonesia and Myanmar

Vietnamese ride-hailing company FastGo intends to expand its service to Indonesia and Myanmar by the end of the year. In a report from Việt Nam News, Nguyễn Hữu Tuất, FastGo’s CEO, says the company expects to occupy a 30% market share in Indonesia and take second place after Grab in Myanmar. The company aims to raise US$50 million in a new round of funding to help accelerate regional expansion, Tuất adds. According to Tuất: “We chose Myanmar and Indonesia as we have relevant strategies for them in place.
October 11, 2018 Read time: 2 mins

Vietnamese ride-hailing company FastGo intends to expand its service to Indonesia and Myanmar by the end of the year.

In a report from %$Linker: 2 External <?xml version="1.0" encoding="utf-16"?><dictionary /> 0 0 0 link-external Vi&#7879;t Nam News Vietnam News article false https://vietnamnews.vn/economy/466916/fastgo-to-launch-in-indonesia-and-myanmar.html#qG7DKEry2AORe8kS.97 false false%>, Nguyễn Hữu Tuất, FastGo’s CEO, says the company expects to occupy a 30% market share in Indonesia and take second place after Grab in Myanmar.

The company aims to raise US$50 million in a new round of funding to help accelerate regional expansion, Tuất adds.

According to Tuất: “We chose Myanmar and Indonesia as we have relevant strategies for them in place. We already have strategic partners in these two markets to launch our services.”

In August, FastGo secured an undisclosed amount of funding from VinaCapital Ventures, which the firm then used to expand its operations into the coastal city of Đà Nẵng.

“The launch in Indonesia and Myanmar will not affect our expansion and development in Vietnam,” Tuất concludes.

Going forward, FastGo plans to deploy its service into the Philippines, Cambodia and Thailand.

UTC

Related Content

  • December 4, 2018
    Quantum XYZ intends to launch air taxi service in Los Angeles
    Quantum XYZ is seeking to use SureFly’s eight-rotor hybrid ‘octocopters’ to launch an air taxi service in Los Angeles. SureFly, a subsidiary of US technology company Workhorse, is currently pursuing Federal Aviation Administration (FAA) type certification for its electric vertical take-off and landing (eVTOL) aircraft. Quantum intends to submit an application to become a FAA-certified urban VTOL air carrier. The company’s president, Tony Thompson, says: “Once SureFly receives FAA Type certification, we
    Read More
  • August 14, 2018
    BM Mobility launches electric bike-sharing service in Malaysia
    BM Mobility has launched its Revgo electric bike-sharing service at the University of Malaya in Malaysia to provide an environmentally friendly mode of transport. A report by The Straits Times says the company will deploy 170 bikes which can travel up to 20km an hour and reach 50km on a full charge. RevGo bikes were initially deployed at the University in July, which according to BM Mobility, now has around 1,000 registered members. The campus has eight parking sites and two charging stations which can
    Read More
  • December 21, 2018
    London ‘should emulate New York’ to reduce congestion, says Karhoo
    London could reduce congestion by emulating New York when it comes to open data, claims technology firm Karhoo. New York has publicly-available anonymised TPEP/LPEP75 data which allowed Karhoo to assess the impact of taxi and private hire (PH) movements on traffic flow, congestion and pollution, the company says. It adds that if Transport for London (TfL) were to follow suit, it “would be quick and relatively low-cost given that almost every licenced vehicle is connected to tracking systems already”. Tf
    Read More
  • March 8, 2019
    London Science Museum hosts free driverless vehicle exhibition
    Autonomous vehicles (AVs) are at the heart of a new exhibition at the London Science Museum. Driverless: Who is in control? opens on 12 June and looks at “how close we are to living in a world driven by thinking machines”. Continuing until October 2020, the show examines themes familiar to ITS professionals wrestling with the legal, ethical and logistical issues around the introduction of driverless cars to public roads. The museum says it will focus on “how much of this seemingly futuristic technolog
    Read More

Highlighted Content