World Moto Excited About Indian Taxi Opportunity

Jan. 05, 2016 3:01 PM ETFARE
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Motorcycle taxi service solutions provider World Moto (OTC:FARE) is excited about the billion dollar opportunity presented by India following new regulations on the use of such vehicles.

It says it's been contacted by multiple operators in the continent about its technology.

Haryana, the state surrounding New Delhi, has just become the second, after Goa, to officially permit the use of two wheeled vehicles for commercial passengers.

States such as Delhi, Mumbai and Bengaluru are expected to soon follow suit. Current estimates are that Haryana alone will require a fleet of at least 50,000 motorcycle taxis and that the industry could represent billions of dollars.

Chief executive Paul Giles said: "India represents a huge market, and just the National Capital Region alone, of which south Haryana is a part, is home to nearly 50 million people."

He added: "This is an extraordinary opportunity for Indian operators to enter a completely untouched market free of any cultural legacies, and World Moto is committed to working with all of them to help build the most professional motorcycle taxi fleets in the world."

World Moto's services include the Moto-Meter - a motorcycle taxi-meter, and Wheelies, which display static and streaming media content on the wheels of motorcycles, and Yes™(aka HailYes™) - a smartphone app for on-demand transportation.

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