Mass Vehicle Ledger (MVL), the company behind blockchain-based ride-hailing service TADA, on Thursday announced that it has raised $5 million in a recent funding round led by Central, a South Korean auto parts manufacturer.
With this additional financing, MVL aims to accelerate its plan to supply electric vehicles in Southeast Asia, setting its sights to distribute and sell 10,000 E-TukTuks (electric rickshaw) by 2021 in Cambodia, it said in a statement.
“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 Tuks to 600,000 platform users and bring heightened mobility innovation to the Southeast Asian market,” said MVL CEO Kay Woo.
To date, MVL has raised a total of $13.4 million over a period of two years since its inception.
Servicing approximately 600,000 active users on its platform in Singapore, Vietnam and Cambodia, MVL operates on an unconventional policy of zero platform commissions.
MVL also plans to manufacture E-TukTuk (an electric auto-rickshaw system) for distribution in Southeast Asia alongside Myung-shin, a Korean automobile production plant company currently producing electric vehicles.
MVL had reportedly raised $5 million in its Series A funding round in December last year to fuel the development of its mobility ecosystem and market expansion.
The funding round was led by South Korean venture capital firm SV Investment. Two of South Korea’s largest car parts manufacturers – Central and SIMWON Inc – also participated in the funding round.