Singapore-based Swat Mobility, a regional technology mobility startup focused on carpooling, wants to turn the Philippines into its second largest business in Asia-Pacific as ride-sharing demand recovers with the reopening of the economy.
Swat Mobility president Grace Ho told reporters the company would invest over $250,000 Singaporean dollars (P9.5 million) to triple the Philippine unit’s headcount and expand in new locations outside Metro Manila.
“We are seeing very good signals from customers, partners and investments from your government in infrastructure,” Ho said during a virtual briefing on Friday.
“While we are headquartered in Singapore, we are on a very aggressive expansion agenda,” she added.
Swat Mobility, which operates in seven countries and has raised $20 million or about P1 billion to date, uses a propriety algorithm to provide “demand-responsive, ride-sharing services in high-capacity vehicles.”
3rd largest market
Ho said the Philippines was their third largest market behind Singapore and Japan. The company is also present in Australia, Indonesia, Thailand and Vietnam.
Swat Mobility entered the Philippines in the midst of the COVID-19 lockdowns in May 2020.
It has provided about 1 million rides in the country and has 13,000 active monthly employee users, according to the briefing materials from the company.
Ho said the company planned to grow its presence in Metro Manila while expanding in Southern Luzon, Central Luzon and Cebu. The country’s business process outsourcing and manufacturing sectors have been critical in its expansion, she added.
Swat Mobility also provides logistics services.
“As you can see, logistics and e-commerce are growing aggressively in the Philippines,” she said.
The Philippines currently accounts for 25 percent of the company’s total volume, Swat Mobility Philippines’ country business head Maria Theresa Busmente said in a separate statement.
“In 2020, we ended the year with roughly 22,000 rides completed. Closing 2021 with more than 500,000 rides is really a milestone for us,” she added.