Vietnam’s Phenikaa group invests US$1.5 million in local tech startup. Here’s the reason
Financing and endorsing the development of young, potential startups, spinoffs and entrepreneurs with disruptive, practical, socially-beneficial technological initiatives are the approaches taken by Phenikaa Group to acquire achievements in the science and technology sector, to foster Vietnam’s young generation, and to bolster the Vietnamese intellectuals.
Investment in the developer of public transportation app BusMap
A number of technological products and solutions made by Phenikaa Group 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.
Remarkably, 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. That headhunting policy showcases the Group’s identifiable strategy to earn the most glorious achievements in the technology and science sector in line with the cultivation of young Vietnamese intellectual, capable talents.
Among the done deals was the US$1.5 million of 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 to create a momentum to enhance the strength of the Phenikaa Ecosystem. Moreover, 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, organizational structure and technical fundamental. BusMap was then renamed Phenikaa MaaS JSC and the company has made great efforts to rebuild its organizational structure and expand its vision and business strategic direction, eying the status of the leading developer and provider of products, solutions and services in efforts to drive Vietnam’s transport and city development forwards by applying smart solutions through comprehensive digital transformation.
Overview of BusMap JSC (now known as Phenikaa MaaS JSC)
In 2013, a group of young, talented technicians, led by CEO Le Yen Thanh, founded the technological startup BusMap in strong aspirations of technological achievements. In the early days, the founders wanted to create a charge-free public transportation app, which was known as BusMap, for urban bus passengers. The app was designed to facilitate people to increase the efficiency of bus travel, to optimize their traveling routes, and to save money and time in comparison to other means of transportation, thus encouraging the use of public transport and reducing traffic congestion and environmental pollution.
From the beginning of a small-scale startup with very few personnel counts, BusMap has made consistent efforts to improve and develop. 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 developed upon the core digital map technology in association with artificial intelligence (AI) and consultancy algorithm to allow an user to get access to the urban bus map, thus finding the best travel route for the lowest fare and time.
At the end of 2020, BusMap app beat 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 the better world.
Speaking about the deal with BusMap JSC, now known as Phenikaa MaaS JSC, the spokesperson of Phenikaa Group said: “As a conscious enterprise, Phenikaa Group has always sought the opportunities to work with and foster young talents with their initiatives and projects, which are highly disruptive, applicable and influential for the community. The success of BusMap app shows that Vietnamese young entrepreneurs are of enthusiasm and competence to hold the secret to 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 take BusMap as the core technology and fundamental to create “personalized” applications upon each user’s need of customization to resolve a variety of issues with personal life and business operation. That is also the foundation for Phenikaa MaaS to expand the operation to come up with transporting products and services for local companies, organizations and communities.
Giving wing to young talents and developing smart transportation through drastic digital transformation
Beyond an ordinary investment project, the investment in the young Vietnamese startup BusMap is how Phenikaa Group “realize the commitment” to nurturing young Vietnamese entrepreneurs for societal betterment through smart transportation, smart city development and digital transformation. The combination of a young, passionate, dedicated entrepreneurs, which hunger for scientific and technological advancements, and a top-tier technological-industrial enterprise, which pioneers in the discovery of innovations and differentiations for constant, sustainable development of the nation, is the power and motivation for young Vietnamese people and local businesses to fulfill their missions and create a smarter and better life for all.
As a member of Phenikaa Group, the young Vietnamese startup will receive full support from the parent for further development and application of core technology BusMap in other smart mobility apps and comprehensive technological solutions, which are accessible for thousands of Vietnamese transport enterprises and local authorities to develop smart transportation and smart cities through extensive digital transformation. The latest investment of Phenikaa Group will surely make Vietnamese young people feel more confident, eager and motivated for new discoveries because they know that once their natures of competence, composure and dedication are proved, large enterprises will come with full support to facilitate their creativity to make high-quality products, thus strengthening the status of the Vietnamese young entrepreneur society and opening new opportunities in the global market.
As a member of Phenikaa Group and a part of the Phenikaa Ecosystem, Phenikaa MaaS will continue to restructure the business operation and to create products and services that are highly applicable and accessible to potential customers. The acts will enable the company to enlarge the market presence in other public transportation segments such as railway and waterway in addition to urban bus, hence accelerating the development of smart transportation through extensive digital transformation.
As a member of Phenikaa Group, Phenikaa MaaS will be able to increase the strength and stick with the strategic direction of the Group, which targets at highly applicable, influential high-tech products and services for the society and community. Following the latest deal, Phenikaa Group has taken a new step in the journey to endorse the growth of young Vietnamese entrepreneurs and the development of technological advancements in attempts to strengthen the Group’s business competitiveness and eco-friendliness in aspirations of innovation and contribution to the national digital transformation.
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