KUALA LUMPUR, Feb 6 (Bernama) -- Moovby, Malaysia's first peer-to-peer (P2P) car-sharing platform, says it has secured around US$500,000 from angel investors and strategic partners for regional expansion this year.
The startup is eyeing Singapore and Thailand this year after starting operations in Indonesia six months ago.
Moovby allows drivers to rent cars from private car owners, and owners to rent out their idle cars for payment.
Owners set their rental prices and earn a 75 per cent commission from their rental revenue.
"This capital accelerates our ability to build upon partnerships and increase marketing efforts, further strengthening our ability to enable as many people as possible to share their cars," founder and chief executive officer Nik Muhammad Amin Nik Muhammad Kamil said in a statement today.
A homegrown platform, Moovby began operations in Malaysia in 2017 while expansion to Indonesia started in 2018 when it participated in the Malaysia Digital Economy Corporation (MDEC) EXPAND programme.
Moovby has raised US$660,000 in funding to date, including initial grants and funding from Cradle and TERAJU totalling US$150,000 to fund operations as well as app and platform development.
Most recently, Moovby was announced as one of the 10 regional startups set to receive US$74,000 in growth funding from Accelerating Asia, a Singapore-based early-stage VC firm and startup accelerator.
Nik Muhammad Amin said Indonesia, the largest Southeast Asian economy with a significant market size of over RM2 billion in total revenue and a population of almost 300 million, contributes a sizeable chunk of Moovby's user base.
With more than 3,000 vehicles across Indonesia as well as all the major cities in Malaysia, Moovby's presence and operations in the two countries help accelerate growth, increase revenue and reduce inefficiencies, he said.
Moovby offers 290 vehicle makes and models to choose from, while its app offers exponential scalability potential, 24/7 access, and world-class safety and security assurances, he added.
Moovby is one of Traveloka's car suppliers in Indonesia and recently in Malaysia, with plans to expand throughout Southeast Asia in the pipeline.
It now has more than 1,500 cars hosted with Traveloka to support their bookings across Jakarta, Bandung, Bali, Surabaya and other parts of Indonesia.
TAGS: Moovby, startups, Traveloka, car-sharing, apps