The world is seemingly in the hands of Uber right now. Over the past few days, Moove, which is backed by Uber, has acquired Kovi, owned by Brazil. Meanwhile, HKTaxi, one of the leading local cab-hailing apps in Hong Kong, has shut down and told their drivers to migrate to Uber instead. Here’s the scoop from Ridesharing Forum.
Uber-backed Moove acquires Brazil’s Kovi
Media reports have confirmed that Moove, a Nigerian startup backed by Uber, has acquired Kovi, a car rental agency based in São Paulo, Brazil.
This acquisition seeks to support Moove’s continued global expansion since its market now spans 19 cities across almost every continent.
Following this deal, the Brazilian car rental agency will still continue to operate under its present brand with its executive and management teams keeping their positions, unlike other acquisitions where the company that acquired would usually take over.
Founded in 2018, Kovi focuses on making car ownership more cost-efficient and accessible through flexible financing and rental options.
On the other hand, Moove, founded by Nigerians for the world, enables delivery drivers to finance vehicles, so they can drive with partners like Uber.
Initially, the company launched with only 76 cars in Lagos in 2020, expanding to a whopping 36,000 vehicles in no time. Their official website claims to have made over 52 million trips. Now, it is available in 19 cities across six continents.
It’s the perfect opportunity for the two companies to partner.
“This transaction not only strengthens our footprint in Latin America and reinforces our position as a dominant player in global mobility, but it also underscores our commitment to contributing to the Brazilian economy,” Moove’s co-founder and co-CEO Ladi Delano stated.
HKTaxi surrenders
In a surprising announcement on Monday, HKTaxi, one of Hong Kong’s biggest cab-hailing apps, if not the most popular, is shutting down on April 1st after 12 years in operation.
Launched in 2013, HKTaxi connects drivers and passengers, as well as offers services like taxi license trading, rental management, advertisement offers for vehicles. Uber arrived in China’s Special Administrative Region the following year.
According to a report in the South China Morning Post, HKTaxi has already asked users and drivers to switch to the Uber app. HKTaxi reportedly started suspending user accounts earlier today. However, Uber also has acquisition rights over HKTaxi, which it acquired in 2021.
As drivers are transferred to Uber’s platform, they can continue accepting metered taxi bookings, thereby not interfering with their business and employment opportunities.
However, the memories of locals and tourists with HKTaxi cannot be discredited, now that HKTaxi is bidding goodbye.
A travel blogger wrote, “HKTaxi is one of the most popular taxi apps in Hong Kong. It is known for its simplicity and effectiveness, catering to both locals and tourists and offering a seamless experience from booking to drop-off. It is a reliable and straightforward choice for those who appreciate local services with flexible payment options and advanced booking features.”