Taxify Raises $175 Million Investment Fund Led by Mercedes Benz Owner, Daimler

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Taxify

Taxify, the popular ride-hailing platform, has announced that it is raising the valuation of the platform to the $1 billion mark with the completion of an investment fund round of $175million. The investment round was led by Daimler, the Mercedes-Benz owner.

It also revealed that, particularly in home markets Europe and Africa, it will use the investment to further develop its ride-hailing technology and continue working on best ways to move in cities.

As a matter of fact, with this deal, the platform hopes to include the service into its Moovel app and further increase its customer base by a quarter to 12.5m as Daimler joins its board.

According to the head of new services at Daimler, Jörg Lamparter:

“It is an ideal addition to our existing and extensive mobility services portfolio. With its fast-growing ride-hailing activities and extensive geographical coverage, Taxify is a perfect fit with Daimler.”

Last year, in a similar move, Volvo sold 24,000 sports utility vehicles to Uber in a $1.4 billion deal. And currently, Jaguar Land Rover plans to sell Waymo 20,000 electric Jaguars for its network.

Recently, owing to the growing safety concerns of drivers and riders using the platform, Taxify introduced a new security button, SOS Button on its app in Nigeria. It is hoped that with the new SOS Button there would be a reduction in cases of sexual harassment by drivers and sometimes customers.

Taxify is an Estonian international transportation Network Company headquartered in Estonia. The company develops and operates the Taxify mobile application, which allows people to request a taxi or private driver from their smartphone. As of November 2017, Taxify operates in 20 countries and 30 cities in Europe, Africa, Middle East and Central America.


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