The online taxi hailing company has secured $175 million in funding from a group led by Daimler.
Estonia’s Taxify has raised $175 million in funding from a group of investors led by the German vehicle manufacturer Daimler, which it will use to fight against its rival Uber in Europe and Africa, Reuters reports.
Taxify, which has 10 million passengers and 500,000 drivers in more than 25 countries, has snatched a large amount of business from Uber throughout Europe, including Denmark, as well as in Africa.
It says it will use the new cash injection to further develop its technology and deepen penetration of existing markets. The new investment brings Taxify’s valuation to $1 billion.
Uber is still the world’s largest online taxi player outside China, but it has faced a raft of much-publicised struggles in its businesses in recent years. It has retreated from some important regional markets, including Southeast Asia in March.
Funding Uber’s rivals
Daimler is adding Taxify to its portfolio that already includes a number of online taxi services across Europe and the Middle East.
It is majority owner of MyTaxi, a major online taxi hailing company in Germany, as well as Chauffeur-privé in France and Careem in the Middle East. All are Uber rivals.