SOCAR Mobility Malaysia, the No. 1 ride-sharing app in Malaysia run by Korea’s SK Inc., has attracted $55 million investment to gain traction for faster expansion in the Southeast Asian market.

The latest funding round was participated by private equity firm EastBridge Partners and Malaysian trading conglomerate Sime Darby, announced SK on Thursday. The new investors reportedly bet big on Trevo, SOCAR Mobility Malaysia’s new peer-to-peer ride-hosting platform rolled out in Malaysia and Indonesia last year.

Established as a joint venture between SK Group’s investment holding entity SK and Korea’s largest ride-sharing platform SoCar in 2017, SOCAR Mobility Malaysia has grown to be the No. 1 car-sharing network in Malaysia, commanding over 90 percent in the country’s market with some 1 million users. The platform opened the service in Indonesia in December last year and attracted over 100,000 users in just six months.

SK, now the largest shareholder and operator of SOCAR Mobility Malaysia, reaffirmed its plan to reinvest profits from its earlier investments in high-growth digital sectors such as artificial intelligence and self-driving technologies. In April, the company invested $60 million in electric car maker Polster through the New Mobility Fund jointly established with Zhejiang Geely Holdings Group. Polester reportedly is in talks to go public through a merger with a special purpose acquisition company (SPAC).

By Cho Jeehyun

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