NPS joins in TPG-led $125 mn funding for Kakao Mobility
Summary
In the latest funding round, Kakao Mobility secured an additional $125 million both from TPG and The Carlyle Group, which valued the startup at 3.6 trillion won ($3.2 billion), according to investment banking sources on June 9. Separate from the TPG-led group, Carlyle injected $8.2 million into Kakao Mobility to buy its new shares. The unit of Kakao Corp., the countrys dominant mobile messenger app, holds the majority of the 10 trillion won taxi services market in South Korea. "Based on the accumulated big data, we will be able to expand our platform into various new areas such as finance, advertising and e-commerce tailored to the mobility industry," he added. Kakao Navi provides real-time traffic information to find the optimal route for the driver.