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Uber rival Taxify expands into Lisbon while eyeing fresh funding

Reuters  |  FRANKFURT 

By Eric Auchard

(Reuters) - Taxify, Uber's upstart European-based rival, is looking to expand during the coming year outside of the biggest cities in the more than 20 countries where it now operates into secondary markets, Chief Executive said on Thursday.

The Estonia-based taxi-hailing platform active in Central and and Africa, has taken advantage of Uber's headline-grabbing missteps in 2017 to undertake expansion into a handful of Western European markets and

On Thursday, it is opening up in Lisbon, Portugal, building on moves in recent months into Vienna, and A bid to enter the highly competitive market in September ground to a halt when regulators there denied it a license to operate, a decision it hopes to reverse.

is active in 40 cities on four continents, seeking to capitalise on mounting resistance to in the newer markets it has targeted. By contrast, is active in more than 80 countries and nearly 700 cities.

The app company typically charges drivers who sign up on its platform a 15 percent commission while takes around a 25 percent cut of fares for drivers using its app to field passenger pickup requests.

Taxify, which last year struck a partnership deal with in return for an undisclosed amount of financing that gave a minority stake, is looking to raise further funding in the current quarter, Villig told

This could involve further investment by or new financial investors, but stop short of giving anyone majority control of the firm, the founder said.

The company is looking to raise $50 million, reported this week, citing an unnamed source. Villig declined to comment on the status of the negotiations, saying: "It makes sense to focus on growth right now rather than profitability."

(Reporting by Eric Auchard; Editing by Himani Sarkar)

(This story has not been edited by Business Standard staff and is auto-generated from a syndicated feed.)

First Published: Thu, January 11 2018. 11:34 IST