Socar Mobility Malaysia gets new funding

[SK INC.]

Socar Mobility Malaysia, the No. 1 car-sharing company in Malaysia, attracted 65 billion won in investment to fund its growth in Southeast Asia.

Socar Mobility Malaysia, a unit of Korean car-sharing startup Socar that is 79 percent owned by SK Inc., got the funding from global private equity fund East Bridge Partners and multinational company Sime Darby, SK Inc. said Thursday.

“Through the latest investment as well as diverse partnerships, Socar Malaysia is expected to fortify its platform competitiveness,” said Shin Jung-ho, head of SK’s digital investment center.

Socar Mobility Malaysia, which launched in 2018, has more than 1 million subscribers and controls more than 90 percent of local market share, according to the company. It launched a service in Indonesia in Dec. 2020 and attracted 100,000 subscribers in six months, the company said.

BY JIN EUN-SOO [jin.eunsoo@joongang.co.kr[