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Taxify Takes on Uber in Crowded London Taxi-Hailing Market
Key Excerpts from Article on Website of Reuters
Posted: January 15th, 2018
https://www.reuters.com/article/us-uber-competition-taxify/t...
Estonian start-up Taxify is to go head to head with Uber in Londons highly competitive taxi-hailing market. Taxify said it will launch services across London on Tuesday after signing up 3,000 private hire taxi drivers, who have been vetted to ensure they meet local licensing requirements. In London, it enters a crowded market where the citys famous black cab taxi drivers and private hire taxi firms such as Addison Lee compete with ride-hailing apps including Gett and Hailo, which is now part of Daimlers MyTaxi. Uber counts 40,000 drivers and has 3 million London users, who take 1 million trips a week. Taxify is a fraction of Ubers size - being active in just under 25 cities compared to Ubers presence in nearly 600 cities worldwide - but runs on a lower cost business model, allowing passengers to pay marked-down fares and letting drivers retain a bigger share of the profits. Taxify said on Monday it would take a 15 percent commission on rides booked through its online platform, versus the 20-25 percent Uber charges in London. Taxify also said it will accept cash as well electronic payments from riders, unlike Uber. Uber has struggled over the past year with legal setbacks, workplace harassment scandals, driver protests and bitter disputes among directors.
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