Myanmar-based Kargo, an online platform that connects truck owners with businesses and individuals, has secured a $130,000 loan from Yoma Bank while Australia’s AsiaCarGroup has activated a Myanmar platform for trading of cars.
Kargo raises $130K loan from Yoma Bank
The proceeds of the financing will be used for making same-day payments to the truck driver partners of Kargo, grow the company’s customer base and manage all invoices.
Established in 2016, the company claims over 1,300 drivers are present on its platform. Previously, Kargo raised a six-digit dollar grant support from the GSMA Ecosystem Accelerator Innovation Fund. Prior to that, it raised a six-digit investment from Singapore-based Vulpes Investment Management in 2017.
Singapore’s Cocoon Capital is also an investor in Kargo.
Australia’s AsiaCarGroup sets up Myanmar platform
Australia’s AsiaCarGroup, an online classified trading platform for cars and related services, has expanded its operations in Myanmar.
Mymyancar.com allows customers to buy and sell cars or spare parts locally. The full suite of services are yet to be launched on the Myanmar platform. AsiaCarGroup will mainly compete with Cars DB, backed by Malaysia’s Frontier Digital Ventures and Myanmar focused EME Myanmar.
AsiaCarGroup is currently operating in 19 countries across Asia, Central Asia and the Middle East.