EaziCar seeks to raise RM300,000 via equity crowdfunding

  • Eligible drivers are provided with medical benefits
  • A cash reward system is used to merit passengers

 

EaziCar co-founder and CEO Alex Teow Boon Heong (sitting, centre) with his team

 

EAZICAR is looking to raise RM 300,000 to help transform e-hailing in Malaysia. The company aims to raise funds through equity crowdfunding (ECF) on the Ata Plus platform.

Eazi Car Sdn Bhd (EaziCar) is an e-hailing service provider based in Malaysia that offers peer to-peer e-hailing services. Its platform can be accessed via their mobile app. EaziCar has interestingly evaluated the future of the e-hailing market to not so much revolve around technology innovation, but to be centered on drivers and passengers motivation and loyalty, which it aims to address via both benefits and incentives.

It is estimated that there were 24 billion rides completed in 2018 globally and of which 70% were completed in Asia, totalling up to 16.8 billion (source). As of January 2019, EaziCar has already signed 428 drivers on their platform, and numbers are expected to grow rapidly once the mobile app launches.

Drivers from the platform are given the flexibility and benefits that other e-hailing platforms do not typically offer. Drivers on the platform only require a one-time registration to cover the region.

Moreover, EaziCar does not have strict control over its drivers, unlike other e-hailing platforms that require its drivers to hit a certain quota of trips to be incentivised.

Additionally, eligible drivers are also provided with medical benefits to ensure their basic necessities are covered.

Concurrently, EaziCar will also offer attractive incentives to its passengers. A cash reward system is used to merit passengers rather than the widely used point-based systems that are generally offered by most operators.

In addition, EaziCar’s long- term rebates offer passengers an additional 5% for each reload on their Eazi Pay account.

With a generation that demands ease and efficiency, e-hailing is decisively trending as the preferred choice of commute in the 21st century. According to Statista, the number of users in e-hailing is expected to increase to 3.8 millions users in 2019.

An article by Forbes highlighted that millennials, unlike previous generations, are opting out of car ownership as many either don’t need cars to go about their daily life or simply can’t afford them. For the first time since the global financial crisis, car sales are experiencing a sustained slowdown.

“We believe that we are in a unique position in the e-hailing industry. With our focus in ensuring the satisfaction of our drivers by providing attractive benefits, as well as taking preemptive measures for the safety and convenience of our passengers, we do believe we have an edge over our competitors,” says EaziCar co-founder and chief executive officer Alex Teow Boon Heong.

“We see a lot of potential in the e-hailing industry here in Malaysia. The e-hailing service has been widely accepted by the public since it was first introduced in 2013. With EaziCar’s business strategy, we believe that we have the ability to penetrate the Malaysian market in a short time and become the nation’s trusted e-hailing platform,” added Teow.

EaziCar is raising funds to seek further support from the community to build their business. The funds raised in EaziCar’s ECF investment round on Ata Plus will be used for marketing initiatives and product development.

“The e-hailing industry is here to stay and is expected to grow exponentially in the near future,” said Ata Plus co-founder and director Kyri Andreou. “We are optimistic in EaziCar’s impact on the future growth of the industry, notably in the wellbeing of their passengers as well as their drivers,” Andreou added.

For more information on the company and the investment details, please visit https://ataplus.com/deals/eazicar

 
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