Published Date: March 11, 2021 ,Last modified on March 11th, 2021

Kornatus

Korean mobility startup Kornatus aims to offer a solution to taxi rides problems through Banban Taxi, a taxi-sharing app that allows multiple users to share a taxi ride and its fare if they are heading in the same direction. For commuters, sometimes a heated argument with the driver over fare or destination can cause an […]

Highlights

Traffic jams are not fun, especially if you have to drive the car yourself and so commuters, the world over prefer to opt for shared taxi rides. However, taxi rides come with their own set of problems such as safety and convenience. Korean mobility startup Kornatus aims to offer a solution to such problems through Banban Taxi, a taxi-sharing app that allows multiple users to share a taxi ride and its fare if they are heading in the same direction. Launched in 2018 by Kim Gi-dong, the company has received $1 billion in early-stage round funding from domestic venture capital firms, just before the apps’ official launch.

Company Overview

Korean mobility startup Kornatus aims to offer a solution to taxi rides problems through Banban Taxi, a taxi-sharing app that allows multiple users to share a taxi ride and its fare if they are heading in the same direction.

For commuters, sometimes a heated argument with the driver over fare or destination can cause an unnecessary headache. For Banban taxi app users, the driver cannot engage in the taxi-sharing and fare-splitting process. What’s more, commuters of the same gender only are allowed to share the taxi, thus making it very safe.

The app accepts payments only through preregistered cards, which also solves the issue of handy change. After arriving at the final destination, the driver enters the meter fare into the article app, and the fare will be automatically paid to the card registered in advance when calling.

Go-to-Market Strategy and Business Model

Banban taxi aims to address the chronic shortage of late-night taxis and will be a win-win solution for both riders and drivers. The government allowed the startup to provide a ride-sharing service as a solution for a shortage of cabs at night, partially due to taxis that do not want to carry short-distance riders. The app has added a network of some 1,600 cab drivers since its launch. You can choose from a variety of boarding options, including fare discount options and immediate dispatch options.

Founders' Bio

Kim Gi-dong

Investors

Term Sheet

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  • About Kornatus
  • Website : banbantaxi.com
  • Location : Gyeonggi, South Korea
  • Founded year : 2018
  • Company size : 5 people
  • Total funding amount: $1 Bn
  • Markets: Mobile AppsTaxi Service