Kakao has secured $437m in funding to spin out Kakao Mobility, which will operate a range of services including ride hailing app Kakao Driver.
South Korea-based internet company Kakao partnered private equity group TPG on Friday to establish a new subsidiary called Kakao Mobility with ₩500bn ($437m) in funding.
TPG led the round, though the identities of any other investors have not been disclosed.
Kakao Mobility will operate a range of the firm’s existing brands, including ride-sharing app Kakao Driver, taxi service Kakao Taxi and navigation app Kakao Navi. The spinout is also expected to introduce additional products, such as a parking service, in…
