FastGo, a Vietnam-based ride-hailing platform, has recently announced they will be starting their service in Myanmar and Indonesia, their very first international marketplaces,before the year ends.
FastGo CEO Nguyen Huu Tuat told Viet Nam News that it expected to occupy a 30 percent market share in Indonesia and take second place after Grab in Myanmar, despite the fierce competition in these markets.
Tuat said FastGo is seeking to raise US$50 million in its Series B round of funding. The fundraising is expected to finish in the first quarter of 2019 and aims to accelerate regional expansion.
“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,” he added.
In August, FastGo secured an undisclosed amount of funding from VinaCapital Ventures, the $100-million tech-focused venture arm of local fund manager VinaCapital.
FastGo quickly expanded its operations in Da Nang last month after receiving the funding. According to FastGo, more than 30,000 drivers have registered on its system and completed 100,000 successful car calls.
Nearly 150,000 users use the FastGo app and 40,000 customers have had at least one ride with FastGo.
FastGo Vietnam Company Limited under the NextTech Group expected to have one million users in Vietnam by the end of this year.
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