Vietnam-based Ride Hailing Service "FastGo" Prepares Expansion to Indonesia
Targeting 30% marketshare for app-based transportation market segment
Randi Eka - 10 October 2018
An app-based transportation service from Vietnam, FastGo, plans for expansion to Indonesia and Myanmar. Ngutyễn Hữu Tuất, FastGo's CEO, mentioned the plan. The expansion will start by the end of 2018.
In his statement, as quoted from Vietnam News, Tuất and his team are targeting to acquire 30% of Indonesia's market-share knowing the current market is fully dominated by GO-JEK and Grab. In Myanmar, they're being more ambitious to be the second leading ride-hailing service after Grab.
Expansion to Indonesia is not without reason. Aside from the crowded target market, FastGo admitted having a strategic partner. However, there's no further detail on who supports them behind the expansion.
In realizing its mission, FastGo is finalizing the Series B funding of $50 million (or IDR 754 billion). Tuất believes it is to be disbursed in early 2019
Previously, GO-JEK had first made a debut in Vietnam market by launching Go-Viet. FastGo becomes the most serious competitor downtown with 15,000 driver partners in Hanoi and Ho Chi Minh City.
- Original article is in Indonesian, translated by Kristin Siagian