International Finance Corporation to invest US$3 million in ‘Oway Ride’
International Finance Corporationto invest US$3 million in ‘Oway Ride’
The International Finance Corporation (IFC), the investment arm of the World Bank, is proposing to invest US$3 million in the Oway Group (Oway), a travel booking website that operates ‘Oway Ride’, an Uber-like ride-hailing service in Yangon. Oway is seeking to raise US$10 million to fund the expansion of its operations, including the growth and expansion of ‘Oway Ride’. Launched in February 2016, ‘Oway Ride’ is a smartphone app which connects customers with drivers in Yangon. Oway hopes to make the app available in Mandalay and Naypyidaw in the near future. The IFC, which makes commercial investments in developing markets for the purpose of building capacity for economic growth, has said it hoped the investment would fuel job creation. To date over 400 Yangon taxi drivers have signed up to ‘Oway Ride’. Oway expects this figure to reach 1,500 by the end of 2016. Read more