Friday
December 2
2022

Ride-Hailing App Cabify to Invest $300 Million Through 2024 to Strengthen Latin America Presence

By Reuters

Spanish ride-hailing application Cabify will invest more than $300 million through 2024 to strengthen its presence in Latin America, the company said in a statement on Wednesday.

The company, which operates in seven Latin American countries, will use the funds to strengthen market penetration in non-capital cities, facilitate transportation to spots such as airports and continue to “de-carbonize” its fleet, Cabify said.

The Uber UBER.N competitor recently announced its partnership with Beat, which withdrew from Latin America earlier this month. Since Beat left the region, first-time Cabify users shot up 218%, Cabify regional manager Ignacio Gutierrez said.

Photo courtesy of GPS.

Source: Nasdaq (link opens in a new window)

Categories
Investing, Technology
Tags
partnerships, transportation