History
The original idea emerged in early 2011 from the founders, Tallis Gomes and Daniel Cohen. According to Gomes, the main trigger for starting the company was inefficiency of the taxi transportation he experienced in Rio de Janeiro during one of the startup events: "I was attending an event for start-ups in Leblon and I was waiting for a taxi for about half an hour on a rainy night. At that time I was planning to create a bus monitoring application, but I changed my mind and decided to invest in this solution.[10]" The concept was first presented to the public during the Startup Weekend RIO 2011. After winning the entire competition, in the same year the company won Startup Farm Rio contest and entered the group of five finalists selected from scores of entrants in the IBM-backed SmartCamp competition.[11] Together with other finalists, Easy Taxi was invited to the high-tech conference in Rio, which brought together business leaders and government officials interested in solving urban problems.
The application was launched in beta version in August 2011,[12] following two-month-long introductory phase.[13] Daniel Cohen, Vinicius Gracia, Bernardo Bicalho, and Marcio William joined Gomes at company's early stages, forming its first team.[12][14] Rio de Janeiro served as a test market for Easy Taxi, with an official launch of the app in April 2012.[15] The initial business model was based on charging the driver R$2 per each completed ride.[16] Within the first year of operations, the company managed to acquire more than 5000 drivers and 200,000 users.[17] Upon entering São Paulo, Alex Tabor, an angel investor from Peixe Urbano, supported the company with first major funding.[12] The real turning point came with the first round of investment of $4.9 million from Rocket Internet in October 2012.[15] The fresh inflow of funds allowed Easy Taxi to expand abroad to its first international market, Mexico.[14] On 24 June 2013, Easy Taxi received Series B investment from Latin America Internet Holding (LIH) a joint venture between Rocket Internet and Millicom, securing another $15 million.[18] At that time the company stated it had more than 1 million downloads and 30000 drivers in the network. The new funds were intended for international expansion in Asia and LATAM, improved customer service and new features. Following the capital injection, the company entered several new markets, including Malaysia (July 2013),[19] Philippines and Thailand (August 2013),[20] and Hong Kong.[21]
Another $10 million round of funding and a plan to tackle a new market – Africa, were announced in July 2013.[22] The joint venture responsible for the investment was Africa Internet Group, backed by Rocket Internet and its 35% owner, telecoms operator Millicom.
In October 2013, Rocket Internet and iMENA Holding partnered together, launching the app in the Middle East and North Africa. The investment amounted to $7 million and was intended for the app's regional rollout, which started in Saudi Arabia.[23] On launching in Nigeria in July 2013, Easy Taxi has secured close to 30,000 user app downloads in just over five months in existence.[24] Th
In 2017 Cabify bought Easy Taxi.[25] The app itself was incorporated into Cabify in 2019 and Easy Taxi was discontinued.
