Daimler and BMW-owned FreeNow is a ride-hailing firm that aims to challenge Uber in Europe and Latin America. Its revenue is forecast to reach roughly 2.4 billion euros ($2.7 billion) for the year, before doubling again in 2020.
“We know it is aggressive and really ambitious, but we want to double our revenue again next year while further improving our profitability,” said the company’s CEO, Marc Berg.
He went on to state that the firm (previously named MyTaxi) has been profitable in half of the 130 cities in which it operates.
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“We have the full support of our shareholders, who just approved our growth plans for 2020,” added Berg. “We are open to explore options for partners.”
While he declined to comment on the prospect of a possible IPO (Initial Public Offering), we do know that BMW and Daimler are planning to inject over 1 billion euros in the joint venture, which also features services like car-sharing, e-car charging and parking – although ride-hailing is expected to remain the company’s main growth driver, as reported by Autonews Europe.
FreeNow is also aiming for a collaborative approach with regulators so it can avoid the legal battles that Uber, for example, is facing in London. This requires drivers to show up in person to obtain a license and agree to criminal record checks, added Berg.
By the end of this year, FreeNow will have completed nearly 300 million trips in 18 European and Latin American countries, featuring more than 800,000 affiliated drivers and over 39 million passengers.
