Daimler’s myTaxi said it will will merge with British rival Hailo in an all-share deal, creating Europe’s largest smartphone-based taxi-hailing business.
Unlike the US-based ride hailing start-up Uber, which established itself to compete against taxi companies, the new company will operate using taxi firms.
It is the latest push by traditional carmakers to enter the taxi ride hailing services market dominated by Uber and other technology companies.
The companies declined to disclose financial terms.
“It’s a paper deal. Daimler will own 60 per cent of the new entity and the stakeholders in Halio will own 40 per cent,” said the Halio chief executive Andrew Pinnington, who will be the chief executive of the combined company.
The merged entity, which will operate under the mytaxi brand, will have 70 million passengers and 100,000 registered taxi drivers in more than 50 cities across nine countries in Europe, the companies said.
In similar deals this year, Volkswagen took a US$300 million stake in Gett and General Motors invested $500m in Lyft.
Hailo, which operates in Britain, Ireland and Spain, will combine with myTaxi, which is available in Austria, Germany, Italy, Poland, Portugal, Spain and Sweden.
The combined company will be headquartered in Hamburg, Germany.
The MyTaxi founder Niclaus Mewes will take a seat on the supervisory board and in addition he will become the managing director of Daimler Mobility Services.
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Company name: baraka
Started: July 2020
Founders: Feras Jalbout and Kunal Taneja
Based: Dubai and Bahrain
Sector: FinTech
Initial investment: $150,000
Current staff: 12
Stage: Pre-seed capital raising of $1 million
Investors: Class 5 Global, FJ Labs, IMO Ventures, The Community Fund, VentureSouq, Fox Ventures, Dr Abdulla Elyas (private investment)
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UPI facts
More than 2.2 million Indian tourists arrived in UAE in 2023
More than 3.5 million Indians reside in UAE
Indian tourists can make purchases in UAE using rupee accounts in India through QR-code-based UPI real-time payment systems
Indian residents in UAE can use their non-resident NRO and NRE accounts held in Indian banks linked to a UAE mobile number for UPI transactions
While you're here
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Damien McElroy: BRI has changed the rules of the game
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On Women's Day
Dr Nawal Al-Hosany: Why more women should be on the frontlines of climate action
Shelina Janmohamed: Why shouldn't a spouse be compensated fairly for housework?
Samar Elmnhrawy: How companies in the Middle East can catch up on gender equality
Justin Thomas: Challenge the notion that 'men are from Mars, women are from Venus'
Asia Cup Qualifier
Venue: Kuala Lumpur
Result: Winners play at Asia Cup in Dubai and Abu Dhabi in September
Fixtures:
Wed Aug 29: Malaysia v Hong Kong, Nepal v Oman, UAE v Singapore
Thu Aug 30: UAE v Nepal, Hong Kong v Singapore, Malaysia v Oman
Sat Sep 1: UAE v Hong Kong, Oman v Singapore, Malaysia v Nepal
Sun Sep 2: Hong Kong v Oman, Malaysia v UAE, Nepal v Singapore
Tue Sep 4: Malaysia v Singapore, UAE v Oman, Nepal v Hong Kong
Thu Sep 6: Final
Asia Cup
Venue: Dubai and Abu Dhabi
Schedule: Sep 15-28
Teams: Afghanistan, Bangladesh, India, Pakistan, Sri Lanka, plus the winner of the Qualifier
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Bio
Age: 25
Town: Al Diqdaqah – Ras Al Khaimah
Education: Bachelors degree in mechanical engineering
Favourite colour: White
Favourite place in the UAE: Downtown Dubai
Favourite book: A Life in Administration by Ghazi Al Gosaibi.
First owned baking book: How to Be a Domestic Goddess by Nigella Lawson.
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Directed by: Anubhav Singh
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Monday, Sept 30
Al Sadd v Esteghlal (8pm)
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Director: Punit Malhotra
Stars: Tiger Shroff, Tara Sutaria, Ananya Pandey, Aditya Seal
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RESULTS: 2018 WORLD CUP QUALIFYING - EUROPE
Albania 0 Italy 1
Finland 2 Turkey 2
Macedonia 4 Liechtenstein
Iceland 2 Kosovo 0
Israel 0 Spain 1
Moldova 0 Austria 1
Serbia 1 Georgia 0
Ukraine 0 Croatia 2
Wales 0 Ireland 1
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The specs: 2019 Mercedes-Benz GLE
Price, base / as tested Dh274,000 (estimate)
Engine 3.0-litre inline six-cylinder
Gearbox Nine-speed automatic
Power 245hp @ 4,200rpm
Torque 500Nm @ 1,600rpm
Fuel economy, combined 6.4L / 100km