Nay Min Thu, founder of iMyanmar Group, made an investment of 7-digits in Hello Cabs

Myanmar-based ride-hailing startup Hello Cabs has raised a high 7-digit investment from Nay Min Thu, founder of iMyanmar Group, according to a report by DealStreetAsia.

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.

Also Read: Meet the VC: Why REAPRA is bullish about Myanmar despite its underdeveloped market

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.

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Image Credit: Hello Cabs

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