#Asia Off they Go: Malaysian travel company Mayflower acquires majority-stake in GoCar


GoCar leadership, including Founder TJ Tan, will remain in place and control overall, as well as day-to-day, operations


In an effort to add flexibility and efficiency to its services, Malaysia’s leading travel service provider Mayflower Acme Tours Sdn Bhd announced today it acquired a 55 per cent stake in the Kuala Lumpur-based on-demand car rental startup GoCar Mobility Sdn Bhd.

Financial details of the deal were not disclosed.

Mayflower is a wholly owned subsidiary company of the investment holding firm Warisan TC Holdings Berhard.

As a result of the deal, GoCar will operate as a subsidiary company of Mayflower but will still maintain its name and branding. Furthermore, company leadership, including Founder and Executive Director TJ Tan, will continue to control overall direction and day-to-day operations of the startup.

“By joining the Tan Chong family, we will significantly scale our fleet, allowing us to expand to other regions in Malaysia seamlessly, as well as leveraging existing Mayflower airport and retail counters,” said Tan in an official statement.

Also Read: Malaysia’s TheLorry raises US$1.5M Series A

GoCar is a Kuala Lumpur-based company with a platform allowing people to rent cars for hours, instead of days, at a time.

Users register into the GoCar online ecosystem to reserve and book a car (could be for a few hours, could be for a day). After the booking, the person is provided with a PIN code to unluck the keys. Finally, they travel to either Cyberjaya, Bangsar, Mid Valley or Mont Kiara to use the vehicle.

According to the company, it has registered over 5,000 hours worth of bookings — over 208 full days — since being founded in March 2015.

“Mobility is such an important part of our lives these days and today’s investment is our commitment to continually improve our offering to society,” said Nicholas Tan, head of Tan Chong Financial Services (part of Warisan TC Holdings Berhard) in an official statement.

Also Read: The MaGIC of building a thriving startup ecosystem in Malaysia

GoCar’s TJ Tan told e27 the idea was hatched when he took a trip back to Malaysia during a period of time in which he was working in Sydney, Australia. He became frustrated with the pain points of renting cars for short periods of time and quit his job in Sydney to set up the company.

“Prior to launching GoCar in Malaysia, I had a short stint at MaGIC consulting as the entrepreneur in residence,” he said.

Mayflower is a major travel agency in Malaysia with 19 offices and a presence in four airports throughout the country. It was founded in 1969.

The post Off they Go: Malaysian travel company Mayflower acquires majority-stake in GoCar appeared first on e27.

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