Angkas open to new investors

MANILA, Philippines — Motorcycle taxi service provider Angkas is open to taking in new investors to accelerate the company’s growth in the coming years.

Angkas CEO George Royeca told The STAR that while the dream is to list the company in the future, it intends to settle with private placements for the meantime.

“It is every entrepreneurs dream to do an IPO (initial public offering). That is still far down the line. But now, let’s see what we can do with private placements first and see how we can expand,” he said.

He said investors, including foreign ones, have been constantly approaching the company.

“There’s always offers,” Royeca said.

“Of course (we’re open to investors). We can’t do this alone,” he said.

Angkas was founded in 2016 by Royeca and Angeline Tham, making it the country’s first app-based motorcycle ride hailing platform.

In 2021, Royeca, former chief transport advocate of Angkas, took over the position of CEO from Tham.

The company currently maintains a fleet of roughly 26,000 riders, serving the transport needs of commuters in urban areas like Metro Manila.

As the leading player in motorcycle taxis in the country, Angkas intends to enter more areas in the provinces pending the  approval of  regulator.

Further, the company is also eyeing entry into the four-wheeled market with the introduction of its own transport network vehicle service (TNVS) by the third quarter.

Called Angcars, the service aims to add another player in the TNVS market that will provide the riding public an alternative to ride-hailing giant Grab.