CEBU, Philippines — Cebuano-developed taxi hailing app Micab is now starting to attract overseas funding to pursue its massive expansion plans in covering other transportation and logistics services.
At present, Micab is negotiating with a group of Singapore-based venture capitalists to aid the company's capitalization requirement of US$1 million to US$5 million, said Micab president and chief executive officer (CEO) Eddie Ybañez.
After gaining trust from local capitalists to infuse fresh capitalization to the tech-business, Micab has been able to fight the strong entry of similar technology services such as Grab Taxi, which recently swallowed the business of its rival Uber.
Amid the intimidating environment in the taxi hailing app services in the Philippines, Micab continues to fight and will insist on pursuing its vision in providing safe and affordable for-hire or taxi fare for Filipinos and visitors.
If this fund raising through venture capitalists will be met, Micab is going to expand its services to cargo/logistics and healthcare.
Following the approval of the Land Transportation, Franchise and Regulatory Board (LTFRB) accrediting Micab as a transport network company (TNC), Ybañez said it is poised to introduce more services and expanding its member taxi fleets around the country.
"Ever since the TNC accreditation was created, we've recognized it as a milestone for the country. It will allow tech companies to legally innovate mobility and transportation in the Philippines. Now that Micab has been extended this recognition, we look forward to revitalizing the taxi industry with Taxi 2.0," said Ybañez in a press conference.
Micab's Taxi 2.0 is aimed at re-envisioning how most Filipinos think of taxis. Under this concept, cab will be clean, modern, and inviting. Most importantly, driven by well-trained, polite and friendly drivers.
Founded by Ybañez and partner Kenneth Baylosis, Micab now has over 5,000 taxi cab partners all over the Philippines. (FREEMAN)