TPG-led Group to Invest $437M in S.Korean Kakao’s Taxi-hailing Unit

7/4/17

South Korea’s largest chat app service provider Kakao Corp and TPG said on Friday a consortium led by the private equity firm agreed to invest 500 billion won ($436.88 million) in Kakao’s new taxi-hailing service unit.

The newly spun-off unit, to be called Kakao Mobility, will provide Kakao’s existing taxi-hailing, designated driver and navigation services as well as introduce new services such as parking, the firms said in a joint statement.

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