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Taxify to expand operation in Nigeria, as worth hits $1bn
Taxify, one of Nigeria’s leading ride-hailing company, said it is working on expanding the platform’s availability to drivers and riders in Nigeria after raising $175 million investment.
The international transportation network company stated this in Lagos on Wednesday that the completion of $175 million investment round had brought the company’s valuation to $1 billion.
Uche Okafor, the Nigeria Country Manager of the company, said that the company would deploy the capital to develop its technology and make further expansions in Europe and Africa.
“This investment is exciting for Taxify in Nigeria as it will provide additional momentum to expand the platform’s availability to drivers and riders in more cities, apart from Lagos and Abuja, where it is already in use,” Okafor added.
According to him, the investment round was led by global automotive leader and Mercedes-Benz owner, Daimler, counting several European mobility and technology companies among its investment portfolio. Under the latest deal, Daimler will also join Taxify’s board.
Read Also: Focus Labs will attract $22.5bn investment, create 500,000 jobs by 2020 —Buhari
“European venture capital fund, Korelya Capital, and TransferWise co-founder, Taavet Hinrikus, joined existing investors, including Didi Chuxing, in a round that brings Taxify’s valuation to $1bn,” Okafor added.
The Chief Executive Officer and Co-founder, Taxify, Markus Vilig, said, “We’re on a mission to build the future of mobility, and it’s great to have the support of investors like Daimler and Didi.”
This appears to be a new phase of competition in the global ride-hailing space in Central and Eastern Europe and major African cities.
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