Taxify revenue reaches €18 million in 2017 but records a net loss

Estonian ride-hailing app Taxify have recorded €18 million in revenue in 2017, six times their previous years figure, but have recorded an €11 million loss over the same period.

The revenue stream has come feom the commission fees charged to drivers on the platform.

€1 billion has been amassed in rides in 2018 alone. Geographic expansion and technological progression has been attributed as tge reason behind the figure, and is expected to grow considerably in the future.

According to Martin Villig, Taxify CEO, the loss in 2017 were attributed to expansion of the company.

Chinese ride-hailing firm Didi Chuxing were recent investors in Taxify as well as Daimler. The company are now valued close to the  $1 billion mark.

The company has 500,00 drivers as well as 10 million customers on its platform, which spreads across several countries around the globe.