MANILA, Philippines — A number of local and foreign investors are looking to ride on the growth of successful homegrown delivery service app Toktok.
In a statement, Toktok said several local and foreign investors are in talks with the company to infuse additional investments and capitalize on its rapid growth.
The fresh funding is expected to boost the valuation of the company to billions of pesos.
“We welcome all opportunities that knock on our door, especially when it comes to achieving our goal for Toktok to become a major player here,” Cloud Panda PH vice president and co-founder Carlito Macadadang said.
Cloud Panda PH, the company behind the affordable delivery service app, continues to add more features to Toktok to enable users to have better access to more products and services.
Toktok has already reached more than one million app downloads on Google Play Store and App Store in just three months since its launch.
“There are a lot of apps that are locally patronized. China has WeChat, India has Paytm, Singapore has Grab and so many more. We are very optimistic that Toktok will be for the Philippines and we are proud to say that our app has been developed by a very talented team of Filipinos,” Macadangdang said.
Given Toktok’s rapid growth, Cloud Panda PH president and co-founder Jonathan So is bullish on the future of the company.
“During the pandemic, we have proven the value of our company to the Filipino people. With the opportunities that are on the table, we are ready to take this app further locally and internationally,” So said.
Toktok, which was created to cater to the high demand for delivery service, has been servicing many Filipinos nationwide, providing them safe, timely, and affordable delivery service since its inception during the start of the pandemic.
The delivery service app offers affordable rates, with a base rate of P60 for the first kilometer and an additional P5 for the succeeding kilometers.
Toktok has also provided opportunities to many Filipinos with its online franchise offer for those who would like to start their own business in the comforts of their home.
Its services have helped small and medium enterprises to grow their businesses and to reach more customers.