SK Telecom recently announced that it decided to establish a specialized company in the mobility business, 'T Map Mobility' which will form a joint venture with Uber, the world’s largest mobility platform company, to drive growth in the e-hailing market in Korea.
SKT plans to launch T Map Mobility within this year by splitting off its Mobility Business Unit, which is in charge of services including T Map and T Map Taxi.
T Map is the largest mobility platform in Korea with around 13 million monthly active users (MAU), and T Map Taxi is the nation’s second largest taxi hailing service with 200,000 registered drivers and 750,000 monthly active users (MAU).
The joint venture will promote the e-hailing business in Korea by combining T Map Mobility's network of drivers and mapping technology with Uber's ride hailing technology and global operations expertise.
Uber will invest over USD 100 million in the joint venture. Moreover, Uber will invest around USD 50 million in T Map Mobility to strengthen the strategic partnership between SKT and Uber. This will bring Uber’s total investment amount to over USD 150 million.
Nelson Chai, Chief Financial Officer of Uber
Through our strong partnership with SKT, we will expand access to ride hailing services in the country, and bring better service to riders and drivers. We look forward to serving the South Korean market in the years ahead.
Park Jung-ho, CEO of SKT
Together with Uber, the world’s top mobility platform company, we will turn customer’s time and money spent on mobility into time used for more valuable purposes and realize greater safety for all modes of transportation.
