Hello Cabs raise high seven-digit investment from iMyanmar Group founder
Yangon-based ride hailing app has raised a high seven-digit investment (US$) from iMyanmar Group founder Nay Min Thu, reported the Deal Street Asia.
Hello Cabs is the first on-demand metered taxi service in Yangon. It began operations in 2014 with a US$1 million initial investment by Yaung Ni Oo Co Ltd, Strategic Development International (SDI) Holdings Co Ltd, and Singapore-based GAP VC.
In March, Singapore-based ride-hailing platform Grab launched its GrabTaxi service in Yangon.
Singapore’s GAP VC is holding less than 25% stake in Hello Cabs currently.
Hello Cabs currently operates about 1,000 registered cabs.