TADA, the ride-hailing app operating in Cambodia, which also recently introduced delivery services, has completed its Series A funding for an undisclosed amount.
TADA is based in South Korea and is run as MVLLABS Pte Ltd (MVL) while it is operated in the Kingdom of Cambodia as MVL TADA Cambodia Co Ltd (TADA).
MVL TADA Cambodia Co Ltd (TADA)
Cambodian media reported on the funding completion with the Khmer Times saying “the region’s first block-chain-based and zero-commission-taking ride-hailing service has completed its Series A extension after being backed by one of the largest commercial banks in South Korea and other additional investors.”
The commercial bank is South Korea’s second-largest commercial bank by assets and net income, Shinhan Bank Co Ltd, added the Phnom Penh Post.
TADA also operates in Vietnam and Singapore as well as Cambodia and said of the funding: “The financing will be used to fund its continued expansion within its existing markets and for development of the mobility ecosystem built on MVL’s blockchain protocol…Investments will be made into developing competencies to deliver innovative new products and services based on MVL’s blockchain.”
TADA had already raised another Series A investment of $5 million in December 2019. The name TADA comes from the “infinitive form of the Korean verb ‘ride’ reports the PP Post.
TADA Delivery – Cambodia
TADA started operating in Cambodian in January 2019 as a ride-hailing service.
In April 2020 TADA announced “TADA Delivery – a ‘final mile’ delivery solution that businesses can use to serve their customers wherever they are in Phnom Penh,” and the service was offered for free for a month to businesses.
Kay Woo, the MVL CEO added: “We recently launched TADA Delivery in Cambodia to help businesses and our drivers tide through this Covid-19 season. This has demonstrated how we can use technology to be a force for good.”
TADA Delivery is an online platform, which allows Cambodian businesses to book and track deliveries and manage payments collected by their drivers using cash or via digital payments.
By early 2020 TADA has over 81,000 drivers and more than 550,000 thousand users in Singapore, Vietnam and Cambodia it says. TADA also employs 222 people at its six branches in Phnom Penh.
It joins a number of delivery options in the country, especially in Phnom Penh, where food delivery apps and delivery services have evolved and spiked as people and businesses practise social distancing and digital payments have become more popular.