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Ride-hailing is a tough business to be in, no matter what side you look at it from.
Drivers for the likes of Uber, Grab, and Gojek work long hours, often for low pay and few benefits, and precarious job security. It’s not a gig for the faint-hearted: Even these large companies find the industry a slog.
Uber, for instance, recorded its first profitable quarter only in Q2 of this year after racking up more than US$31 billion of losses since 2014. Uber is synonymous with the industry, so it’s fair to say most other ride-hailing platforms are playing the game on hard mode.
That’s why a smaller player like Tada and how it’s pushing its operator Mass Vehicle Ledger (MVL) towards profitability is worth noting. It ain’t the next Uber, but could Tada become a profit engine for MVL? Watch this space.
Today we look at:
- The huge revenue jump powering MVL’s quest for profit
- Waste not, want not for WasteX
- Other newsy highlights such as fresh funding for Malaysian ecommerce player Ejen2u and the bankruptcy of once-promising Chinese EV maker WM Motor
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On the road to profit
Image credit: Timmy Loen
South Korean blockchain firm MVL recorded US$20 million in revenue last year, an over 300% jump from what it posted in 2021 revenue.
The diversified firm’s losses also fell by 45% to US$3.9 million during this period.
- Fingers in many pies: MVL operates in several industries, but its mobility and delivery business was the biggest revenue driver, accounting for more than half of the US$20 million total. The business was also a big contributor at 37% of revenue.
- Against the grain: Tada is different from other ride-hailers in a key way. While the likes of Grab charge driver-partners a percentage commission fee per ride, Tada uses a fixed small platform fee. Drivers are rewarded further when they earn favorable customer reviews.
- Know your role: Giants such as Grab and Gojek are among its competitors in Singapore, but Tada’s leaders are aware of the niche in which it has to operate. MVL founder Kay Woo previously said that Tada isn’t looking to dominate the market; it’s aiming to offer more choice instead.
Read more: Tada parent firm MVL posts over 300% jump in revenue, moves closer to profitability
One man’s waste is another’s biochar
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