First publishedon www.ITSInternational.com
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. 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.