Korean car-sharing startup SOCAR has filed for an IPO    – TechMac

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Korean car-sharing startup SOCAR has filed for an IPO    – TechCrunch

SOCAR, a south Korean car-sharing startup, has filed for an preliminary public providing, introduced on Wednesday by Korea Change. The small print – the variety of shares to be supplied within the IPO and the value vary – haven’t but been decided, mentioned a spokesperson at SOCAR. 

SOCAR has reached roughly $834 billion (1 trillion gained) valuation after elevating $50.7 million (60 billion gained) in October 2020. The corporate has raised a complete of about $275 million since its inception in 2011, the corporate spokesperson confirmed.  In line with media reviews, SOCAR’s estimated valuation is to be $2.5 billion (3 trillion gained) after the itemizing within the first half of this 12 months. 

Its earlier traders embrace SK Holdings, Bain Capital, Premier Companions, SoftBank Ventures Asia, Altos Ventures, KB Funding, Stonebridge Ventures, LB Personal Fairness, SG Personal Fairness, and extra.

The corporate plans to launch a transportation tremendous app this 12 months that can present all-in-one mobility providers like car-sharing, electrical bike-sharing, car parking zone search, car-hailing, prepare reservation and extra, Jaewook Park, CEO of SOCAR, mentioned in early December through the firm’s press convention. Park additionally mentioned SOCAR would exchange a fleet of its automobiles with zero-emission, together with electrical or hydrogen-powered automobiles, by 2030 and strengthen its autonomous automobiles enterprise. 

SOCAR will speed up to make further acquisitions and advance its expertise with the IPO proceeds, Park mentioned. The corporate already accomplished two acquisitions final month – South Korean on-line parking platform Modu Firm and electrical bike rental platform Elecle. SOCAR additionally invested in autonomous driving startup RideFlux in 2018. 

The 11-year-old agency began the car-sharing service with 100 rental automobiles in Jeju in 2011 and launched its cellular app in 2012. SOCAR acquired VCNC, a Korean cellular messaging app platform, in 2018 to function a van-hailing service Tada. (The startup, nevertheless, needed to stop its van-hailing service in 2020 due to South Korea’s revised legislation that restricts ride-hailing to solely licensed taxis and limits rental automobile providers from providing drivers, aside from vans with 11 to fifteen seats.) Final October, SOCAR has bought a 60% stake within the ride-hailing arm to Viva Republica, the Seoul-based fintech firm behind Toss. 

In 2018, SOCAR arrange a Malaysia-based subsidiary SOCAR Malaysia, which has raised a complete of $73.2 million up to now. 

The competitors of the mobility platform trade in South Korea has intensified as native car-hailing firms akin to Kakao Mobility and TMAP Mobility actively increase their enterprise within the nation with ambitions to change into the mobility tremendous app. In October, Uber Applied sciences additionally joined the race by forming a three way partnership firm with TMAP Mobility, owned by Korean telco big SK Telecom, to supply ride-hailing service in South Korea. 

Kakao Mobility reportedly plans to go public in two years whereas TMAP Mobility goals to record by 2025. 

The corporate spokesperson famous that its car-sharing friends additionally embrace Zipcar, Turo, and getaround. 

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