Ride-Hailing Operator TADA raised $5 million for E-TukTuk distribution

Phnom Penh: MVL, a mobility startup that operates a ride-hailing app called “TADA” in Southeast Asia, raised 5 million dollars in the most recent deal led by Central alone. MVL has raised a total of 13.4 million dollars for a period of two years of its service.

MVL has about 600,000 users on its platform in Singapore, Vietnam, and Cambodia with its unconventional policy of zero platform commissions. MVL plans to manufacture E-TukTuk (Electric auto-rickshaw) and distribute it to Southeast Asia with Myung-shin, a company to produce an electric vehicle by operating a Korean automobile production plant.

Mr. Kay Woo, CEO of MVL said: “The biggest advantage of TADA is that there is zero platform commission to drivers. With zero commission policy, we will rapidly distribute E-Tuk Tuk to 600,000 platform users and bring mobility innovation in the Southeast Asian market” 

Based on the financing, MVL plans to further accelerate its plan to supply electric vehicles in Southeast Asia. MVL aims to distribute and sell about 10,000 E-TukTuks next year in Cambodia.

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