Ride-hailing startup Tada closes extended series A round

Singapore-based MVLLabs (MVL), which operates blockchain-based ride-hailing service Tada, today announced that it has completed an undisclosed amount in a series A extension round led by South Korea’s Shinhan Bank.

Die-casting specialist Samkee Automotive and South Korean furniture brand Iloom also participated in the round, which brings the company’s total capital raised for its series A round to just under US$10 million, according to a statement.

The latest investment follows MVL’s US$5 million series A raise led by South Korean VC firm SV Investment last year.

MVL founder and CEO Kay Woo outside the startup’s office in Kampong Ubi, Singapore. / Photo credit: MVL

MVL is a mobility ecosystem based on the mass vehicle ledger incentive-based mobility blockchain protocol. With the technology, mobility data such as transactions, movements, accidents, and vehicle maintenance are recorded and connected in a single ecosystem.

In 2018, MVL launched Tada in Singapore. Since then, it claims that over 81,000 drivers and more than 550,000 users have used the ride-hailing service in Singapore, Vietnam, and Cambodia.

According to the statement, the new funding will support MVL’s continued expansion within its existing markets. It will also enable the company to scale Tada and deliver new products and services.

Amid the Covid-19 pandemic, MVL launched Tada Delivery in Cambodia to help businesses and its drivers with their income and livelihood.

“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.

Tada’s fundraise comes as the ride-hailing industry struggles in the midst of the pandemic. Just this week, India’s Ola announced job cuts that would affect 1,400 people as its revenue dropped by 95% over the past two months.

US-based Uber also laid off more than 6,000 employees and shut down some of its offices, an effect of the company downsizing its business.