ArrowArtboardCreated with Sketch.Title ChevronTitle ChevronEye IconIcon FacebookIcon LinkedinIcon Mail ContactPath LayerIcon MailPositive ArrowIcon PrintTitle ChevronIcon Twitter
Business

Tokyo tech startup raises $6m for rickshaw loan service in SE Asia

SoftBank, others to back venture's expansion into Thailand, Indonesia

A tuk-tuk sits in Bangkok traffic.

TOKYO -- Eight Japanese companies including autoparts maker Denso and trading house Sumitomo Corp. will invest a total of 700 million yen ($6.43 million) in a tech startup with a unique model for leasing auto rickshaw taxis and other equipment in Southeast Asia.

Telecom SoftBank Group and Globis Capital Partners are also among those investing in Global Mobility Service, a Tokyo-based startup founded in 2013.

Using its proprietary remote control technology, Global Mobility Service allows low-income Filipinos unable to qualify for auto loans to rent specially equipped motorized rickshaw taxis. The engine can be disabled if payments are not made and re-enabled once they are confirmed.

The company will use the fresh capital for systems development and expand to Thailand and Indonesia, where it will market its service to financial institutions and others. It plans to extend its footprint to other Southeast Asian countries and apply this business model to farm, construction and other machinery, helping give consumers denied standard credit access to equipment.

(Nikkei)

Sponsored Content

About Sponsored Content This content was commissioned by Nikkei's Global Business Bureau.

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this monthThis is your last free article this month

Stay ahead with our exclusives on Asia;
the most dynamic market in the world.

Stay ahead with our exclusives on Asia

Get trusted insights from experts within Asia itself.

Get trusted insights from experts
within Asia itself.

Try 1 month for $0.99

You have {{numberArticlesLeft}} free article{{numberArticlesLeft-plural}} left this month

This is your last free article this month

Stay ahead with our exclusives on Asia; the most
dynamic market in the world
.

Get trusted insights from experts
within Asia itself.

Try 3 months for $9

Offer ends January 31st

Your trial period has expired

You need a subscription to...

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers and subscribe

Your full access to Nikkei Asia has expired

You need a subscription to:

  • Read all stories with unlimited access
  • Use our mobile and tablet apps
See all offers
NAR on print phone, device, and tablet media

Nikkei Asian Review, now known as Nikkei Asia, will be the voice of the Asian Century.

Celebrate our next chapter
Free access for everyone - Sep. 30

Find out more