The Google-backed on-demand ride service spun off by Kakao has received fresh funding from returning investors Carlyle and TPG.

Private equity groups Carlyle and TPG have co-led a ₩140bn ($126m) round for Kakao Mobility, a South Korea-based ride hailing service backed by internet technology provider Google, Reuters reported on Wednesday.

Google, Carlyle and TPG have provided a total of roughly $826m in funding for Kakao Mobility, according to a statement issued by its parent, internet group Kakao Corp, cited by Reuters.

Founded in 2015 as Kakao Taxi, Kakao Mobility runs an on-demand mobility app dubbed Kakao T, which the…

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Edison Fu

Edison Fu is a reporter and Asia liaison at Global Corporate Venturing.
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