MVL Foundation Pte. Ltd has partnered with TZ APAC - a leading Asia-based public blockchain adoption entity for the Tezos ecosystem - to develop its data business with hybrid blockchain technology, utilizing both Hyperledger Fabric and the Tezos public blockchain.
MVL Foundation operates TADA, the world s first blockchain-based ride-hailing service, which has amassed 1 million users in Southeast Asia since its launch in 2018. MVL aims to revolutionise the mobility sector, as it begins to manufacture and supply electric vehicles (EV) such as their E-TukTuk.
Recently, MVL also signed an MOU with Bolton, a subsidiary of Indian Auto manufacturing giant, Krishna Group, for its EV production and sales division in India, boosting the availability of the TADA ride-hailing and delivery platform within the country.
The ONiON T1
April 9, 2021
MVLLABS Pte Ltd, the company behind the zero-commission, blockchain-based ride-hailing service TADA, has raised $15 million in a Series B round led by the South Korean automotive parts manufacturer CENTRAL, an existing investor.
The round also saw participation from Singapore-based TRIVE Ventures.
In 2018, MVLLABS launched TADA in Singapore. Subsequently, the company expanded to Vietnam and Cambodia and now has an estimated 100,000 drivers and 890,000 users across the three markets.
With the new round, MVLLABS’s total funding stands at nearly $25 million. The company last raised an extended Series A round in May 2020, led by Shinhan Bank, one of South Korea’s largest commercial lenders by assets.