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MVL LABS secures USD 5 million for ride-hailing service TADA

Singapore: MVL LABS owned TADA, a blockchain-based zero-commission ride-hailing service headquartered in Singapore, has secured USD 5 million in fresh funding led by Central a South Korean company in the vehicle after-market space.

With this, MVL’s total funding raised to date has reached US$13.4 million since its inception two years ago. This includes a USD 5 million in Series A round led by South Korea’s SV Investment in December last year and an extension round in May 2020.

Based in South Korea, MVL has plans to manufacture E-TukTuk (an electric auto-rickshaw system) for distribution in Southeast Asia alongside Myung-shin, a Korean automobile production plant company currently producing electric vehicles.

With this additional financing, MVL aims to accelerate its plan to supply electric vehicles in Southeast Asia, setting its sights to distribute and sell an estimate of 10,000 E-TukTuks by 2021 in Cambodia.

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