Hailo sells 60% to Daimler as it Merges with MyTaxi
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“What’s starting to happen in this industry is that you are starting to see the emergence of regional winners and funding is starting to happen for those, whether they are Ola or Grab or Lyft,” he continued. “And while our plan and targets resonated with the investment community, we were both going to them with the same story, which is that we both wanted to be European number one.”
Hailo’s move to Daimler is part of a wider trend that has seen big stakes taken by several other carmakers in on-demand transportation startups. They include Toyota (which invested in Uber), GM (which invested$500 million in Lyft) and VW (which invested $300 million in Gett).
The bigger context is that car companies are gearing up (sorry) for a future in which average consumers may be purchasing fewer new cars and making those buys less frequently, but still need transportation options to get from point A to point B. Companies like Uber have been leading the way in providing alternatives to directly-owned cars to meet that demand, in particular by offering services that may be competitive with public transportation, or filling a gap where no public transport alternative exists.
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