Taxify Injects Ksh.17.8 Billion on Investments on Its African Operations

Taxify customers are set to enjoy more improved services from the company after it injected a total of about 17.8 billion shillings of investments on its Africa Operations.

According to the company, the investments are meant to further develop its ride-hailing technology and continue working on best ways to move in cities, particularly in Europe and Africa.

In Africa, Taxify has its operations running in South Africa and Kenya, and it is in the process of expanding to more African countries.

The investment round was led by global automotive leader Daimler that counts several European mobility and technology companies amongst its portfolio. Daimler will also join the board of Taxify.

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 $1 billion (about Sh101.6 billion).

Gareth Taylor, South Africa country manager for Taxify noted that the investment was exciting for Taxify in South Africa as it will provide additional momentum to expand the platform’s availability to drivers and riders in more cities, apart from Johannesburg, Cape Town, Port Elizabeth, and Durban where it is already in use.

“Taxify has grown exponentially since it launched in South Africa in 2016, with over 100-million km traveled to date, and our overall growth in 2017 was eight-times that of the previous year,” said Taylor.

Markus Villig, CEO, and co-founder, Taxify said that they are on a mission to build the future of mobility.

“The number of rides on Taxify grew by ten times last year, even considering that our home markets Europe and Africa are some of the most complex markets for ride-hailing in the world,” added Markus Villig.

Taxify is one of the fastest-growing ride-hailing companies in the world with over 10 million passengers and 500,000 drivers in more than 25 countries.