TADA raises US$5M for electric vehicles manufacturing

TADA, known as a ride-hailing tuk-tuk app in Cambodia, plans to supply electric vehicles in Southeast Asia with the latest funding, "setting its sights to distribute and sell an estimate of 10,000 E-TukTuks by 2021 in Cambodia." TADA said in a statement that over 81,000 drivers and more than 550,000 users have used its service in Singapore, Vietnam and Cambodia. It was announced in August that "the blockchain-based zero-commission ride-hailing service has secured US$5 million in fresh funding led by Central, a South Korean company in the vehicle after-market space." TADA is based in Singapore and South Korea (MVL) 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 now plans to manufacture E-TukTuk (an electric auto-rickshaw system) together with Myung-shin, a Korean automobile production plant company, which currently produces electric vehicles for the SEA market. Kay Woo, CEO of MVL said, “The biggest advantage of TADA is that there is zero platform commission to drivers. With this unique selling point, we hope to rapidly distribute E-Tuk Tuk to 600,000 platform users and bring heightened mobility innovation to the Southeast Asian market." The MVL ecosystem includes mobility data such as transactions, movements, accidents, and maintenance of vehicles. Users interact with MVL’s mobility data ecosystem on the blockchain through connected services such as TADA and other upcoming services said technology website E27. TADA has previously completed its Series A funding in May 2020 and an additional $5 million investment in December 2019. The name TADA comes from the “infinitive form of the Korean verb ‘ride’.