Go Inc, a Japan-based taxi-booking app operator, said ride volume has stayed strong after Tokyo taxi fares rose 10% in April.

President Hiroshi Nakajima said riders still prioritise convenience over cheaper trains and buses despite higher prices.

Go had Japan’s biggest initial public offering this year in June, and its shares have risen 63% since listing.

That compares with a 12% gain for the TSE Growth Market 250 Index.

Nakajima said the company is seeking to raise average revenue per ride by expanding premium taxi services and targeting corporate customers.

The company operates in a market where Japan’s taxi industry has faced a driver shortage, which may help demand stay strong.

Japan’s taxi apps also mainly dispatch licensed taxis rather than private ride-hailing vehicles, keeping services like Go within the country’s regulated taxi system.

🔗 Source: Bloomberg