Phenikaa Group injects $1.5 million in local tech startup

June 16, 2021 | 11:07
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Phenikaa Group is promoting Vietnam's scientific development by financing and endorsing potential startups, spinoffs and entrepreneurs with disruptive, practical, and socially-beneficial technological initiatives.
Phenikaa Group injects $1.5 million in local tech startup
BusMap has reached more than two million users to date, becoming Vietnam’s top free public transportation app

A number of tech products and solutions made by Phenikaa Group – a major multifield group with core business lines in technology, industry, scientific research, education and training – have recently been brought into life, marking a watershed in the group’s pursuit of becoming one of the top-tier technological and industrial corporations in the region.

Along with this, a majority of core technologies are reportedly developed by Vietnamese engineers and scientists of Phenikaa Group, especially the young, talented, and passionate ones whose businesses have become parts of the Phenikaa Ecosystem.

The group's headhunting policy showcases its strategy to promote science and technology development while cultivating young Vietnamese intellectuals and capable talents.

Among the completed deals was the $1.5 million investment in BusMap JSC – the developer of Vietnam’s top free public transportation application BusMap.

The investment was expected to enable Phenikaa Group to keep its promise of nurturing Vietnamese talents and enhance the Phenikaa Ecosystem.

Moving forward, the deal would hasten the sustainable development and construction of smart cities in Vietnam and facilitate the government to implement its policies and achieve set targets through intensive digital transformation.

The deal made BusMap JSC a member of Phenikaa Group and it provided the former with manpower, organisational structure, and technical fundamentals.

BusMap was then renamed Phenikaa MaaS JSC and the company has made great efforts to rebuild its organisational structure and expand its vision and strategic direction to become the leading developer and provider of products, solutions, and services to drive Vietnam’s transport and city development by applying smart solutions through comprehensive digital transformation.

Distinct growth story of BusMap JSC

In 2013, a group of young, talented technicians led by CEO Le Yen Thanh founded the technological startup BusMap with strong aspirations.

In the early days, the founders wanted to create a charge-free public transportation app for urban bus passengers. The app was designed to help people to optimise their travel routes, saving money and time in comparison to other means of transportation, thus encouraging the use of public transport and reducing traffic congestions and environmental pollution.

From the beginning of a small-scale startup with a handful of employees, BusMap has been constantly growing and improving.

At the moment, the application has reached more than two million users, assisted the completion of more than 50 million trips, and become Vietnam’s top free public transportation app.

The application is based on digital map technology and AI. It uses a consultancy algorithm to offer users the best travel route for the lowest fare and time.

At the end of 2020, the BusMap app came ahead of other popular names to win the first prize for “Smart Cities, Smart Living” at the International Telecommunication Union’s ITU Award 2020 – a worldwide recognition for outstanding technological initiatives in contribution to a better world.

Phenikaa Group injects $1.5 million in local tech startup
After receiving capital injection, Phenikaa MaaS continues to push up restructuring for development of smart transportation products and services in favour of businesses and organisations

In respect to the deal with BusMap JSC, now known as Phenikaa MaaS JSC, Phenikaa Group spokesperson said: “Phenikaa Group has always sought to work with and foster young talents and projects which are highly disruptive, applicable, and influential for the community. The success of the BusMap app shows that Vietnamese young entrepreneurs can create core technologies and bring them into reality for a smarter, better life.”

Under the strategic direction of Phenkaa Group with long-term assistance, Phenikaa MaaS will use BusMap as the core technology to create “personalised” applications that each user can tailor to their own needs to help with their personal life and professional work.

As a member of Phenikaa Group and part of the Phenikaa Ecosystem, Phenikaa MaaS will continue to restructure its operations and create products and services that are highly applicable and accessible to potential customers.

Phenikaa MaaS will also come up with transportation products and services for local companies, organisations, and communities.

Beyond an ordinary investment project, the investment in the young Vietnamese startup BusMap attests to Phenikaa Group's commitment to nurturing young Vietnamese entrepreneurs in smart transportation, smart city development, and digital transformation.

The combination of young, passionate entrepreneurs dedicated to technological advancements and a top-tier technological-industrial pioneer will create a smarter and better life for all.

As a member of Phenikaa Group and part of the Phenikaa Ecosystem, Phenikaa MaaS will continue to restructure its operations and create products and services that are highly applicable and accessible to potential customers.

This will enable the company to scale up its market presence in other public transportation segments such as railway and waterway in addition to urban bus networks, accelerating the development of smart transportation through extensive digital transformation.

By Anh Duc

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