Vietnamese ride-hailing company FastGo plans to enter multiple overseas markets this year including Brazil, Indonesia, Singapore and the United States. In an interview with local media, CEO Nguyen Huu Tuat, CEO of FastGo said that he is keen to compete with other ride-hailing apps in foreign countries.
In an interview with VN Express, Nguyen said: "Our investors are located in the U.S. and Brazil, that’s why we have chosen those places as the next markets.” Explaining the rapid expansion plans he said, “The investors want the company to go global as much soon as possible."
The announcement by FastGo comes one month after it expanded into Myanmar. According to the company, FastGo now has over 1,000 partner drivers in Yangon and wants to double the number this year. But the company wants to expand even faster to other markets this year, with Indonesia, where ride-hailing Go-Jek is based, being the first location. Nguyen said, "We plan to start operating in Jakarta in March, and will also expand to Singapore this year."
According to previously published reports, FastGo received $3 million USD in investment money last June from Vietnamese fund VinaCapital Ventures, which has fueled the company’s domestic development. In order to fund its international expansion, the company hopes to raise $50 million in the second round by June this year possibly from investors in South Korea and the United States.
FastGo became Vietnam’s first homegrown ride-hailing app last June and now has 40,000 drivers in 12 cities and provinces FastGo does not collect commissions from drivers but instead charges them an amount of money if they earn a minimum amount per day. FastGo also claims to not increase fees during rush hour but allows users to tip drivers.