SOCAR Mobility Malaysia Raises USD18 Million In New Capital

SOCAR – Malaysia’s No 1 car-sharing app, SOCAR Mobility Malaysia (SMM) has raised USD18 million in fresh funds at a valuation of USD118 million from Eugene Private Equity Co. Ltd. and KH Energy Co. Ltd. in the company’s Series A funding exercise. This capital injection, which is the first from both companies into SOCAR Malaysia, brings SOCAR’s’s financing tally to-date to USD40 million and serves to facilitate SOCAR’s expansion in Southeast Asia.

“We are pleased and honoured to have new partners joining us in our journey to bring multiflex mobility to the people of Southeast Asia. This investment by Eugene Private Equity Co. Ltd. and KH Energy Co. Ltd. is a clear indication of their confidence in our current model of car-sharing, the people running this business and our future expansion into other countries. Our conviction in shared mobility remains as strong as ever and we are very grateful to Malaysia and the government for supporting the multiflex movement. With our additional funds, we aim to improve on our technology platform and bring our services to other parts of Southeast Asia,” said Leon Foong, CEO of SOCAR Mobility Malaysia.

The USD18 million new capital will be channelled towards technological enhancements and strengthening the growth and foothold of SOCAR in Malaysia and expansion into new countries by Q4 2020.

“With this extra capital, SOCAR users can look forward to new improvements in the future – including a more seamless user experience on the app, new modes of car sharing, additional payment options and faster onboarding and processing of licence approvals for new users. Our ultimate aim is to be more than just a car to our multiflexers by offering them new modes of car sharing such as our one-way and SOCAR2U services,” Leon added.

Currently, the car sharing service is available in the Klang Valley, Johor Bahru, Penang and most recently – Ipoh. To date, SOCAR has a fleet of 2,000 cars in 27 different models in over 1,000 locations. SOCAR hopes to expand to other states in the country in the months to come.

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