What: Rocket Internet’s multi-geography mobile taxi app Easy Taxi has raised US $40 million in Series D funding led by the Russian Phenomen Ventures with participation of Tengelmann Ventures.
Why it matters: The funding allows Rocket Internet to apply its’ strategy of establishing Easy Taxi in emerging markets, including Latin America, and defend itself against local competitors.
Easy Taxi, Rocket Internet’s multi-geography mobile taxi app, has raised US $40 million in Series D funding led by the Russian Phenomen Ventures with participation of Tengelmann Ventures, techcrunch said.
This means that Easy Taxi’s has raised so far a total of US $77 million that will let Rocket Internet establishing Easy Taxi’s in emerging markets like Latin America and defend against local competitors.
Rocket Internet’s overall strategy is to take successful e-commerce startup models (like taxi calling apps) and bring them to markets, where competitors have not yet entered or still have a relatively weak presence.
Easy Taxi was launched in Brazil in 2011 by Rocket Internet .Since then, it has added more than 150,000 drivers over the past year, bringing its total to about 185,000. It currently operates in 32 countries and 162 cities worldwide, focusing in Latin America, Africa, the Middle East, and Asia.
This taxi calling app is available for iOS, Android and new Blackberry devices.It confirms the customer’s pickup point and orders the closest cab in the vicinity, by just pressing a button. Following this, a confirmation of the driver’s name, photo and car model, and plate number are later sent to the phone. Customers can follow the vehicle’s location in real-time as it approaches.
“We are very proud to have secured this new round of funding, which will allow us to continue our growth trajectory in existing markets, advance our technology, scale our operations and improve our service towards more audiences and geographiesIn particular, the expertise of our new investors aligns with our ambition to further increase our market share in Asia and consolidate our leadership in Latin America,” said Easy Taxi co-CEO Dennis Wang.
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