ComfortDelGro to set up US$100m venture capital fund
A Comfort taxi. (File photo: Francine Lim)
SINGAPORE: ComfortDelGro Corp said on Friday (Nov 9) that it is setting up a US$100 million corporate venture capital fund to invest in technology start-ups that complement its land transport business.The move - which comes amid intense competition from third-party apps such as Grab for both passengers and cab drivers – is aimed at helping the company address the impact of disruptive challenges to its core land transport business, it said.
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This was mainly due to higher fees earned with higher mileages operated due to the commencement of the Seletar Bus Package in March 2018, higher ridership from rail services with the commencement of Downtown Line Stage 3 and contributions from new acquisitions in Australia and the United Kingdom.Going forward, it expects this segment to continue growing, citing the fare adjustment of 4.3 per cent approved by the Public Transport Council that will take effect from Dec 29.Revenue for the taxi business decreased by 8.4 per cent to S$182 million due to a reduction in its operating fleet. In Singapore, the group will be taking delivery of up to 700 new hybrid taxis by the end of this year.