Almost three years ago, horseback riding service AFTER entered the Singapore market along with a number of other companies.
Now, it is also present in Vietnam and Cambodia, with an estimated 100,000 drivers and 890,000 users.
Most recently, the company that propelled TADA, MVLLABS, raised $ 15 million in Series B funding to build an electric vehicle (EV) model for launch in Cambodia. ONiON T1 is a modernized version of the traditional three-wheeled tuk-tuk, and will be added to the TADA fleet in Phnom Penh, Cambodia.
According to TADA founder Kay Woo, Cambodia has a very unique transportation system and almost everyone uses platforms like TADA to travel.
Like three wheels (tuk-tuks) are the main means for the displacement of parcel and parcel, TADA saw a great opportunity to change the three wheels of the internal combustion engine (ICE) in electric vehicles.
To reduce the cost of ownership of TADA electric vehicles compared to ICE-based three-wheelers, its proposal is based on an economical and environmentally friendly model supported by its ONiON battery exchange station infrastructure .
Most importantly, the 40-year-old founder believes that after fine-tuning this model in Cambodia, the team will be able to quickly replicate it throughout South Asia and Africa.
TADA also plans to support the shift towards sustainable mobility in Singapore by offering a localized version of the ONiON EV mode: two electric wheels supported by its battery exchange station and support charger.
Blockchain based, zero commission
Older workers, especially drivers, are often treated as expendable resources.
“In the face of this problem, most people seek generous help in terms of funding or cutting-edge technological capabilities. Unfortunately, we didn’t have any,” Kay said.
This eventually led them to follow the path no one had taken before, giving up raising money through commissions. In doing so, Kay believes that TADA can address workers ’pain issues and, in turn, build loyalty to ensure the company’s survival.
Since its launch in 2018, TADA has not charged any commission. Drivers can maintain full revenue from each ride, excluding a credit or debit card transaction fee.
Over the years, the company has remained consistent with this promise and Kay told Vulcan Post that TADA supports its drivers in every way it can.
In turn, drivers have supported TADA by encouraging more drivers to join its network, thus expanding its reach and offering a more reliable service to its drivers.
Our strategy is not based on short-term cash burning to gain a large market share. We have a long-term perspective of being able to consistently deliver on our promises.
Our zero commission model, based on the blockchain philosophy, promises that we are working to create an ecosystem of mutual benefit for each of our stakeholders.
Kay Woo, founder of TADA
The zero commission model also translates into lower prices for consumers. Here is a price comparison between TADA and the giants Grab and Gojek without prices.
|Boon Keng MRT Station to City Square Mall (1.9 km)||$ 5.70||$ 6.30||S $ 6.10|
|Orchard MRT Station to Exit 8 (10 km)||$ 8.70||$ 14.30||$ 10.40|
|Pasir Ris MRT Station to Jurong Point (37 km)||$ 24.60||$ 27.30||$ 21.60|
In most cases, TADA is the cheapest of the three players. In case guests request an additional stop, an additional charge of S $ 3 will be charged for the additional stop, as well as the distance and time rates for the additional trip.
There is also a platform fee of S $ 0.30 for trips costing less than S $ 18 and S $ 0.50 for trips costing more than S $ 18.
In addition, TADA operates with an “incentive-based mobility ecosystem,” and the basis for its development is the Blockchain Mass Vehicle Ledger (MVL) protocol.
The ecosystem seeks to connect various vehicle industry-related stakeholders, including drivers, drivers, automakers, repair service providers, and insurance companies.
Using MVL, all travel data will be collected in a central database, so that a vehicle’s tracking, storage, and entire driving history can be tracked, easily available to parts of the ecosystem. Data collected includes driving speeds, traffic logs and even vehicle repair history.
As an incentive, drivers will be rewarded with MVL points for providing trips, while pilots can earn MVL points by leaving feedback after each trip.
These MVL points can be converted into MVL coins, MVL’s digital token or cryptocurrency, which can eventually be used to exchange goods and services from MVL partners, or they can be cashed.
The evolution of TADA
Kay told Vulcan Post that since starting MVLLABS in 2012, it has failed more than three times. As technical founders, Kay and its co-founder Jay Han did not know how to raise awareness about their products.
“We made the same mistakes over and over again. Our biggest mistake was just looking for financial benefits, ”Kay said.
In retrospect, Kay realized that they should have focused on solving problems for people, rather than focusing only on profitability.
Finally, after seven years learning from their failures, the duo set up the MVL blockchain protocol and the TADA service.
When we first launched TADA, people said we would leave in a year or we would start charging commissions. However, we have shown that they are wrong and TADA has established a relationship of trust with our drivers, which I value more than financial returns.
Kay Woo, founder of TADA
Of course, the journey has not been easy. Kay believes that as one of the newest users in the industry, many improvements need to be made to catch up with “older colleagues”.
In the last three years of operations, the technology team has made more than 500 updates to meet the needs of its users, with more than 100 updates made in the first six months of the launch alone.
The team is now working to increase its passenger numbers and build a loyal user base.
In early March, the company launched its new corporate portal, TADA Corporate, to target companies.
changing transportation needs.
The portal includes a set of tools to streamline administrative processes, provides business leaders with more flexibility in managing transportation costs, and is available to businesses of all sizes.
From a single board, corporate managers can allocate and modify budgets, as well as regulate employee access to the company’s payment methods.
Any changes made to TADA’s corporate portal will be reflected in real time, providing decision-makers with an overview of their expenses and allowing them to seamlessly implement the company’s transportation policies.
In the long run, Kay predicts that TADA technology will boost the way people move around parts of India, Africa and Latin / Central America, regions they call the “TADA equator belt”.
“We imagine a world where our products and services generate a positive impact for drivers living in this region, which in turn will lead to changes in their respective societies, environments and economies in the long run,” Kay said.
Featured Image Credit: TADA