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

  • April 17, 2019
    Lyft recalls 3,000 e-bikes across US
    Ride-hailing company Lyft has recalled 3,000 electric bikes from cities in the US because of concerns over their braking systems. The brands affected are Citi Bike in New York, Capital Bikeshare in Washington, DC, and the Bay Area’s Ford GoBike. A similar statement on each company’s website says: “We recently received a small number of reports from riders who experienced stronger than expected braking force on the front wheel. Out of an abundance of caution, we are proactively removing the pedal-assi
    Read More
  • February 14, 2019
    Ride-hailing and taxi drivers could face tougher criminal checks in England
    Drivers who ply their trade on apps such as Uber could be under greater scrutiny as part of proposals being put forward by the UK government. The potential risk to passengers from the explosion of ride-hailing apps, as private-hire drivers are perceived to receive less thorough vetting – for example, to flag up past convictions – has long been argued. Incidents such as the murders of passengers by a Didi driver in China heightened such concerns - although critics point out that a US Uber driver who ad
    Read More
  • February 5, 2019
    Uber suspends Barcelona service after new regulations introduced
    Taxi-hailing giant Uber is suspending its service in the Spanish city of Barcelona. The move comes after new regulations were passed by local authorities, according to Reuters. The company started its UberX service in the city last year. But from now on, passengers using ride-hailing services will have to wait at least 15 minutes after booking a ride before they can be picked up – thus negating one of the key selling points of companies such as Uber. Speed and convenience – as well as cost – are w
    Read More
  • September 28, 2018
    Shohoz receives $15m fund to expand ride-sharing in Bangladesh
    Ride-sharing company Shohoz will use a $15m investment from venture capital firm Golden Gates Ventures to expand its on-demand service in Bangladesh. A report by the Dhaka Tribune says the company is now launching its ‘super-app’ strategy which will add food deliveries to its current offering. Maliha M Quadir, Shohoz founder and managing director, says: “To help Shohoz finance this growth, we have brought on board a great line-up of experienced international and regional investors, who I think will help
    Read More

Highlighted Content