KUALA LUMPUR, Feb 20 (Bernama) — Car-sharing startup SOCAR Mobility Malaysia – the first overseas venture of the South Korean outfit – has received fresh capital injection amounting to US$18 mil (RM75.28 mil) from two South Korean companies, Eugene Private Equity Co Ltd and KH Energy Co Ltd.
CEO Leon Foong said today the investment is a clear indication of both companies’ confidence in the current model of car-sharing, the people running the business and the company’s future expansion into other countries.
With the sales pitch being ‘Your other car, Anytime, Anywhere!’ SOCAR brands itself as Malaysia’s leading car-sharing network, providing the convenience to drive one of its cars by the hour, day or week within Malaysia.
“Our conviction in shared mobility remains as strong as ever and we are very grateful to Malaysia and the government for supporting the multiflex movement.
“With our additional funds, we aim to improve our technology platform and bring our services to other parts of Southeast Asia,” he said in a statement.
He said the capital injection, which is also the first from both companies into SOCAR, would bring SOCAR’s financing tally to date to US$40 mil and would serve to facilitate the company’s expansion in Southeast Asia as well as help fund technological enhancements by the fourth quarter of this year.
Currently, SOCAR is available in the Klang Valley, Johor Bahru, Penang and Ipoh with a fleet of 2,000 cars in 27 different models in over 1,000 locations. – Feb 20, 2020, Bernama
