At the recent Token2049 conference, the online ride-hailing application TADA quickly emerged and attracted the attention of a large number of users. Compared with Grab, the largest ride-hailing platform in Southeast Asia, the taxi fares provided by TADA are more competitive. For example, the fare from Changi Airport to Marina Bay Sands is only about S$15.4, which is about 25% cheaper.
In order to attract users, TADA launched a subsidy activity during the conference. The first 4,000 users who hail a taxi through the Telegram Mini App can receive a S$60 free ride and enjoy subsequent 50% discounts. Although this strategy involves a cash subsidy of at least SGD 600,000, users must pay through the TON wallet.
TADA’s parent company, Mass Vehicle Ledger (MVL), focuses on a platform-free commission model, and the commission rate for drivers is significantly lower than Grab. Although TADA still has a gap in market share, its revenue in 2022 has reached S$27.5 million, 37% of which came from the encryption business. The company plans to further expand into markets such as Thailand, Hong Kong and South Korea to seek greater growth opportunities.
