OPay continues its aggressive growth path with the launch of its car ride-hailing service, OCar. The company is consolidating its market dominance while completing its goal of becoming a super app. The launch is first in Abuja, BeninLagos, Owerri, and Port Harcourt.
OCar is the company’s latest addition in its ecosystem that’s already including; provision for food (OFood), bike-hailing (ORide), classified adds (OList), bus-hailing (OBus) and tricycle (OTrike).
The Day we’ve all been waiting for is finally here! 💃🏽
OCar has arrived! 🚘
Go anywhere with OCar in Lagos, Owerri, PH, Abuja, Benin, Kaduna, Abeokuta & Ibadan for just 200 Naira.
Now, you can enjoy safe, affordable & comfortable rides at the tap of a button. #GetOCar #RideOCar pic.twitter.com/8yue6jNTiD— ORide (@getoride) November 19, 2019
In line with its penetrative model, OCar has launched with a fantastic discount offer of just N200 for every ride, aiming at winning significant market share very quickly.
Also Read:
OPay Raises $120 Million From Chinese Investors
Nigerian Startup OPay Raises $50 Million Funding
What Is OPay’s Long-Term Strategy?
This week, Opay announced a Series B raise of $120 million led by investors Meituan-Dianping, Source Code Capital, IDG Capital. Sequoia China and GSR Ventures also funded the company’s $50 million raise in July.
Meituan-Dianping provides a pointer to what OPay’s long term strategy is.
Meituan-Dianping is a Chinese super app that lets customers do anything from ordering food, booking hotels to buying movie tickets. The company has 40% of the market share for food delivery services in 2019.
ORide, the bike hailing service, however, has become one of its more popular services in Lagos and Ibadan. Food delivery, however, is a quite cumbersome enterprise, and ride-hailing has proved to be quite complex.
OCar is launching in a space that already has established market leaders. Bolt and Taxify, who upon their launch took over from the yellow taxis and established a huge market share.
GidiCab, OgaTaxi, and in-driver launched after Bolt but no other taxi-hailing app has enjoyed significant market share since.
OPay’s latest foray will look to change the tide and also establish a healthy market share. With over $120 million in their kitty and their promotion strategy, it will be hard to write them off.