Frankfurt Germanybased 69M Tencent funded Ride hail company GoGo Cabs. The ridesharing industry has seen a rapid growth in recent times, leading to many players entering the market offering their own services. One of the most successful amongst these is GoGo Cabs, a German ride-hail firm that recently raised 69 million USD in funding from Tencent, a Chinese investor and tech giant. The funds will be used to bolster the company’s operations in Germany as well as expand its operations outside the country.
Founded in October 2016, GoGo Cabs is a ride-hail company providing taxi services to both customers and businesses across Germany. The company is one of the fastest growing in the country, having seen a 100% year-on-year growth since inception. It currently owns a fleet of over 1,000 cars spread across over 100 German cities, along with over 4,000 verified drivers. Customers can get rides in both hatchbacks and premium cars, with the operators aiming to provide a seamless experience that rivals that of traditional taxis.
In terms of its business model, GoGo Cabs collects a flat fee that is paid by passengers as a booking fee, while the drivers pay a commission based on the distance traveled. This model allows the company to serve a wide range of customers, from those looking for budget-friendly rides to those who require premium services. Moreover, the company has strong safety protocols in place, requiring all its drivers to go through extensive background checks.
The recent infusion of funds from Tencent should provide the company with enough ammunition to expand its operations, both within Germany and in other parts of Europe. This includes expanding its customer base and deploying more cars to accommodate more customers. Moreover, the company plans to power its rides with Tencent’s artificial intelligence (AI) solutions, allowing for greater efficiency and customer satisfaction.
Apart from this, GoGo Cabs has also announced plans to establish a significant presence in China in the near future. This will be achieved through an integration with the Tencent Mobility Platform, allowing GoGo Cabs to have a presence in China’s vast ride-hailing market. This is likely to increase the company’s customer base significantly, and should help bring in more international revenue.
Conclusion
GoGo Cabs is a fast-growing German ride-hail company that recently secured 69 million USD in funding from Tencent, a Chinese investor and tech giant. This funding will be used to strengthen the company’s operations in Germany and expand its presence beyond the country’s borders. With the addition of Tencent’s AI solutions, the company is looking to increase efficiency, customer satisfaction and its customer base. Going forward, GoGo Cabs’s international expansion plans should help the company gain a more diverse customer base and bring in more revenue to the organisation.
Related FAQS
Q:What services does GoGo Cabs offer?
A:GoGo Cabs is a ridesharing company offering taxi services to both customers and businesses across Germany. It owns a fleet of over 1,000 cars spread across more than 100 German cities, alongside over 4,000 verified drivers. Customers can get rides in both hatchbacks and premium cars.
Q:What kind of business model does GoGo Cabs have?
A:GoGo Cabs collects a flat fee that is paid by
passengers as a booking fee, while the drivers pay a commission based on the distance traveled. This business model allows the company to serve a wide range of customers, from those looking for budget-friendly rides to those who require premium services.
Q:What are the plans of GoGo Cabs for the near future?
A:GoGo Cabs has announced plans to establish a significant presence in China in the near future. This will be achieved through an integration with the Tencent Mobility Platform, allowing GoGo Cabs to have a presence in China’s vast ride-hailing market. Additionally, the company plans to power its rides with Tencent’s artificial intelligence (AI) solutions, allowing for greater efficiency and customer satisfaction.