“The history of Myanmar is full of twist and turn. After emerging from 5 decades of isolation, the country is often referred to as the last frontier market in Asia. Since 2011, it has experienced a strong inflow of foreign investment and stellar annual GDP growth. The explosive adoption of mobile phone and internet by the people are extremely favorable for the startup ecosystem.
Vertical: Travel Booking and Ride-Hailing
Funding: US$31.2 million
Investors: Daiwa PI Partners, International Finance Corporation, and Northstar Group
Oway is a startup focusing on travel, ride-hailing, and payment service. The company was founded in 2011 by Nay Aung, an ex-Googler who graduated from Stanford. The company has received funding from international investors including Northstar Group, Daiwa PI Partners, and International Finance Corporation.
In 2019, its founder disclosed that transportations, which includes car rentals and ride-hailing, accounted for 40% of the startups business. The company has largely focused on regions outside Yangon for its ride-hailing service to avoid heavy competition with Grab. In an interview with Deal Street Asia in 2019, its CEO, Alok Kumar, explained that Oway has the biggest market share for ride-hailing in Mandalay, Bagan, Pwin O Lwin, and Mawlaymine. He also claimed that its ride-hailing business is close to profitability.
On top of developing its own e-wallet, Oway accepts Wave Money and Ongo. The company also maintain a good relationship Telenor, where they work together to offer free wifi on Oway’s three-wheeler tuk-tuk service.”
Read more at https://m2insights.com/myanmar-startups-investors/