Vietnams FastGo expands into Singapore’s ride-hailing market
Category: #business  By Mateen Dalal  Date: 2019-03-23
  • share
  • Twitter
  • Facebook
  • LinkedIn

Vietnams FastGo expands into Singapore’s ride-hailing market

The startup will offer cheaper ride fares than its rivals and will not charge surcharges during peak hours in the country.

Vietnamese ride-hailing startup, FastGo has recently announced that it will launch its services in Singapore starting April 2019, as part of its expansion plan in South-east Asia. According to sources, drivers willing to join can register on the FastGo mobile app from 1st April while customers will be able to book rides from April 30th.

Reportedly, Singapore marks the third country in which FastGo will operate following Vietnam and Myanmar. The firm is expanding into a market that is dominated by ride-hailing giants like Grab and Indonesia’s Gojek, Tada and Ryde. Moreover, the company claims that it is also planning to launch in the Philippines, Indonesia, and Thailand in the year 2019.

According to TODAY reports, Nguyen Huu Tuat, Chairman & Founder, FastGo, said that their ride fares will be cheaper than its competitors and the company will not charge any extra fares during peak hours. He said that customers can also leave tips for drivers when booking a ride, or choosing for a priority service.

Sources cite that FastGo, unlike some ride-hailing apps, will charge its drivers a fixed regular subscription fee instead of collecting commission payments. Moreover, the app will charge a fee below $5 (S$6.80) to drivers if their income surpasses $30 a day, a strategy which the company claims will help attract customers and driver-partners at a low cost.

For the record, FastGo started as a private car & taxi service in Vietnam in June 2018 and claimed to be one of the top ride-hailing service provider in the country with around 60,000 drivers.

Reliable reports claim that the company, after attaining an undisclosed sum in a Series A investment from venture capital firm VinaCapital Ventures in 2018, is aiming to raise another $50 million in its Series B investment round over the next few months.

  • share
  • Twitter
  • Facebook
  • LinkedIn


About Author

Mateen Dalal    

Mateen Dalal

Mateen has completed his Bachelor’s degree in electronics and telecommunication engineering, post which he lent his proficiency to the industry, working as a quality and test engineer. Drawn intricately toward the field of content creation however, Mateen soon switc...

Read More

More News By Mateen Dalal

UAE extends travel ban for Indians amid strict COVID-19 guidelines
UAE extends travel ban for Indians amid strict COVID-19 guidelines
By Mateen Dalal

United Arab Emirates (UAE) has reportedly extended travel ban for individuals travelling from India and several other south Asian countries on the pretext of COVID-19 guidelines. As reported by Etihad Airlines, the ban will be followed till 31st July...

Adevinta Ventures backs Lovys's Series A follow-on investment round
Adevinta Ventures backs Lovys's Series A follow-on investment round
By Mateen Dalal

Adevinta Ventures, an investment arm of Adevinta, has announced its investment in French insurance service provider ‘Lovys’, marking as its first investment in France in the Fintech and Insurtech sector. With this investment, Adevinta Ve...

Indian EV startup eBikeGo expands fleet to 2,100, hires 70 employees
Indian EV startup eBikeGo expands fleet to 2,100, hires 70 employees
By Mateen Dalal

The company is aiming for achieving a 2% share in the Indian electric two-wheeler market, with plans to deploy 200,000 e-scooters across 100 cities eBikeGo, an electric vehicle startup, has recently revealed that it has increased its fleet of electr...