Singapore ride-hailing service Tada secures funding in extended Series A
The most recent round comes after MVL's 2019 Series A round, which raised US$5 million, and was led by SV Investment, bringing the startup’s aggregate raised capital for the Series A, extension included, to just shy of US$10 million, as indicated by the announcement.
The company went on to say that the new assets will be utilized to ramp up MVL's expansion inside its current markets. It will likewise help the firm to scale up Tada as well as to create new innovative products and services.
MVL is a transportation framework dependent on the mass vehicle ledger incentive-based mobility blockchain protocol. This tech records and interconnects mobility information including, movements, transactions, motor accidents and vehicle maintenance into a single framework.
In 2018, MVL released Tada in Singapore. From that point forward, the company boasts to have accumulated over eighty one thousand drivers and over half a million clients that have utilized their services in the region.
As the coronavirus pandemic spread throughout Southeast Asia, MVL launched Tada Delivery in Cambodia to help companies and its drivers with make do through the financial hardships.
“The company will always focus on building the mobility ecosystem. Meanwhile, it is studying the delivery market and identifying opportunities in the space, which will be one of the areas of focus moving forward,” the company told Tech in Asia.
The most recent fundraiser comes as the transportation industry took a hard hit during the global crisis. As an example, this week India's Ola reported staff cuts that would see 1,400 individuals either out of a job or have their salary dropped by 95% over the past two months.
American company Uber has also furloughed or laid off over six thousand of its staff and shut down a number of its offices, which highlights the efforts the company is making to downsize its business and cut costs.