Public transit app bags $1.5 mln investment from Vietnamese corp

By Vien Thong June 14, 2021 | 07:33 pm PT

The interface of BusMap application that recommends bus routes in HCMC. Photo courtesy of Phenikaa Group.

BusMap JSC, a Vietnamese startup that developed public transit application BusMap, has raised $1.5 million from local company Phenikaa Group and become a subsidiary, Phenikaa MaaS.

After becoming a part of Phenikaa’s ecosystem, it is set to restructure, expand into other public transportation segments such as railroad and waterways in addition to urban bus services.

Le Yen Thanh, founder and CEO of BusMap JSC, told VnExpress that the startup decided to accept funding from Phenikaa because they share a similar vision.

Phenikaa aims to develop into a high-technology corporation with interests in various sectors like automation guided vehicles and Internet of Things, which would enable entry into smart transportation and smart city.

"By cooperating with Phenikaa Group, the startup will be able to take part in the corporation's ecosystem, and have resources to develop further," Thanh said.

Phenikaa said it has always sought projects that develop new technologies and breakthrough startups that bring benefits to the community.

BusMap, founded in 2013 by a group of technicians, is a free public transit application for urban passengers.

A real-time bus tracking feature was later added to the app to help users optimize their routes.

The app is based on core digital map technology, artificial intelligence and consultancy algorithms, which allow users to get access to urban bus maps and thus the best routes in terms of lowest fares and shortest travel time.

It has over two million users and assisted more than 50 million trips.

Last year it app won the first prize for ‘Smart Cities, Smart Living’ at the International Telecommunication Union’s Award, a global prize for outstanding technological initiatives.