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Revenue of taxi-hailing app Taxify grows to €18 million in 2017

Taxify vehicles like this one are soon to be on the streets of the FInnish capital again.
Taxify vehicles like this one are soon to be on the streets of the FInnish capital again. Source: Siim Lõvi/ERR

The revenue of Estonian ride-sharing service Taxify in 2017 increased six times compared to 2016, totalling €18 million, though the company still reported a net loss of €11 million.

"Taxify's revenue was made up of commission fees from the taxi service offered with the help of the platform. Revenue increased six-fold last year, the sum total of the cost of rides made on Taxify's platform however increased ten times. The sum total of the rides made in 2018 is an estimated €1 billion euros, both as a result of geographic expansion as well as technological developments. Therefore, we are expecting a manyfold increase in volumes also this year, while we will also hire hundreds of employees globally," Taxify CEO and co-founder Markus Villig said in a press release.

The company's loss last year totalled €11 million. According to Villig, the loss was to be expected as the company is focusing on expansion. "If we look at the result by countries, then on mature markets, where main investments have already been done, we are profitable. As a whole, however, we are clearly growth oriented and for this we have also raised additional capital from investors," Villig said.

Chinese ride-hailing app Didi Chuxing was included in Taxify's 2017 list of investors as a strategic partner. The company has raised altogether $175 million this year, which takes its valuation to the billion-dollar mark, the leading investor being German automotive giant Daimler. Should conditions remain favourable, Taxify might consider raising additional capital still within 2018 to finance its continued expansion.

Taxify's largest markets in 2017 were the Baltic states, France, and the Republic of South Africa. Since the beginning of 2018, the company has expanded in several new and existing destination countries, including Australia, Portugal, and Mexico.

Taxify as of the end of last year employed 350 people, while Taxify's global team today includes 500 people. The company has 10 million customers across the world, and 500,000 drivers use the platform.

Editor: Dario Cavegn

Source: BNS

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