The Myanmar online travel booking company behind an Uber-like taxi app may be in line for an investment of up to $3 million from the International Finance Corporation, a member of the World Bank Group.
Oway Group, which founded Oway Travel in 2012 and launched app OwayRide in March, is looking for $10 in working capital, according to information posted on the IFC’s website.
The organization has released an online ‘Summary of Investment Information (SII) stating that it is “considering an equity investment of up to $3 million in Oway Group”.
Myanmar is already home to a number of taxi app services. OwayRide, however, promises a number of new – and somewhat surprising – features.
Users can book a ride through the app and make payments by credit card, with fares calculated based on the pick up and drop off locations.
According to its website, you can also track the approaching car by GPS and rate the driver – much like Uber, which has taken off worldwide but hasn’t launched in Myanmar yet.
Once a cab is booked, the app will even send you the driver’s number. Neat.