Estonian ride-sharing company Taxify recently launched in Sydney, promising its customers lower fares and its drivers more revenue than Uber in an attempt to reduce its rival’s stranglehold on the Australian market.
The four-year-old start-up already operates in 20 countries and will slash passenger fares by 50 percent for the next month to help increase user numbers.
Taxify’s launch comes ahead of stockmarket listing of P2P Transport, a fleet management company which rents vehicles to independent professional drivers operating taxis, hire cars and ride-sharing vehicles.
P2P has 695 taxis in Sydney, Melbourne and Brisbane, 10 luxury cars in Sydney and Melbourne, and 15 ride-sharing vehicles on the east coast.
Chief executive Thomas Varga plans to use the $29.2 million raised through Wednesday’s initial public offering to expand the fleet to 1084 by next year.
He said the taxi fleet would be the main revenue source but the ride-sharing cars — which cost $199 to $299 per week to hire — were tipped for serious growth.
“Whether it’s Uber, Taxify or GoCatch, it doesn’t matter,” Mr Varga told The Daily Telegraph.
Read more here