South Korea's Kakao Mobility secures US$126 million investment from TPG consortium, Carlyle

South Korea's Kakao Mobility secures US$126 million investment from TPG consortium, Carlyle

South Korean transportation firm Kakao Mobility secured an additional combined 140 billion won (US$125.69 million) investment from a consortium led by private equity firm TPG as well as Carlyle Group, parent Kakao Corp said on Wednesday.

Illustration photo of the Kakao apps
FILE PHOTO: The Kakao messaging application and the Kakao T taxi booking application are seen on a mobile phone in this illustration photo March 13, 2018. REUTERS/Thomas White/Illustration

SEOUL: South Korean transportation firm Kakao Mobility secured an additional combined 140 billion won (US$125.69 million) investment from a consortium led by private equity firm TPG as well as Carlyle Group, parent Kakao Corp said on Wednesday.

With this, total investments from TPG consortium, Carlyle and Google in Kakao Mobility has reached 920 billion won (US$825.96 million), Kakao said in a statement.

Kakao Mobility's app, Kakao T, offers South Korea's most popular taxi-hailing service with 28 million registered users.

(US$1 = 1,113.8600 won)

(Reporting by Joyce Lee, editing by Louise Heavens)

Source: Reuters

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