5 years ago
Hailo, an app designed to connect patrons to taxi service, has announced plans to pull their business from the North American market. The company originated in London, but has found steep competition in the United States and Canada. Their major competitors, Uber and Lyft, were cited as impediments to their growth in the market. In fact, Uber was recently determined to be among the most expensive start-ups in the technological industry. The valuation given to it was $17 billion USD.
President and co-chief executive Tom Barr made the announcement. He said that the company will continue to operate in Asia and Europe. The plans for those continents include increasing the products and services that consumers receive. Examples of potential new services include concierge services and better payment options. Currently, Hailo has operations in Singapore, Japan, Ireland, Spain and Britain.
He stated that the steep cost of operations in North America made it virtually impossible for the company to be profitable in those markets. The app was available in seven cities across the continent: Atlanta, Boston, Chicago, Montreal, New York, Toronto and Washington.
This is the latest news in a market undergoing drastic changes. Ride sharing services, and apps such as Hailo, have created disruptions in the taxi market, leaving many cab drivers around the globe protesting.
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