This investment also represents a deepening relationship between the two companies who formed a partnership last year when both companies announced they would be testing self-driving cars on roads within China.
According to Trevo, car ownership in Malaysia is amongst the highest in the region with 93% of households owning at least one car and 54% of households own multiple cars. They added that with real wage growth slowing down, car ownership is becoming a financial burden.
The startup also looks to use the extra capital to improve its app’s user experience, add new modes of car sharing, support more payment options, and expedite the onboarding and processing of license approvals for new users, Socar Malaysia CEO Leon Foong said.
Currently, advertising opportunities are being offered only on cars, part of a partnership the company signed with CASHurDRIVE Marketing earlier this year, allowing the OOH agency to place advertisements on cars as body wraps across more than 30 cities in India.