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Myanmar-based Uber-like service Hello cabs raises an undisclosed amount of funding

Jul 29, 2020

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. ADVERTISEMENT 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. Share this:

Nay Min Thu Investments

2 Investments

Nay Min Thu has made 2 investments. Their latest investment was in Food2U as part of their Angel on May 5, 2017.

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Nay Min Thu Investments Activity

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Date

Round

Company

Amount

New?

Co-Investors

Sources

5/15/2017

Angel

Food2U

Yes

1

4/24/2017

Angel

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10

Date

5/15/2017

4/24/2017

Round

Angel

Angel

Company

Food2U

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Amount

New?

Yes

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Co-Investors

Sources

1

10

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