Taxify’s Value Rises To $1 billion With $175million Investment

In what appeared like sticking their fingers on the pie, the management of Daimler AG, the parent company of Mercedes-Benz, and some other interested investors have invested $175 million in the cab-hailing platform, Taxify. This huge investment, which is coming at a time when the oil price appears to be on a gradual rise raises Taxify’s value to $1 billion. Taxify, which is a 2013 Estonian start-up, said it is looking to expand operations beyond the current 40 cities in Africa and Europe in the coming years. As a result of the investment, Damlier will now join the board of Taxify.

“Among all of the carmakers, we saw Daimler as the most progressive in both ride-sharing and autonomous cars,” Mr. Markus Villig, Taxify’s founder, said. In recent times, car manufacturers have been investing in cab-hailing platforms as a way of expanding investments in the transport sector. Platforms like Taxify and Uber connect users with drivers from their smartphones and pay per ride instead of owning a car.

In November, Volvo signed a $1.4 billion deal with Uber to sell 24,000 sports utility vehicles to the platform for use in self-driving fleets. “Taxify 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,” Jorg Lamparter, head of new services at Daimler, said. Taxify recently introduced a security button on its driver app in Nigeria to check increasing reports of harassment between drivers and riders.

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