Futuregrowth Asset Management has provided funding in the amount of R300 million rand into the taxi industry.
Taxis are the main mode of transport for millions of South Africans every day, and the industry has been disrupted over the past couple of years with the emergence of Uber, particularly among the middle- to upper-class. Futuregrowth’s funding goes to SA Taxi, South Africa’s largest financier of minibus taxis, which, in turn, will use the money to provide financing to the company’s Zebra Cabs owner-driver scheme. SA Taxi acquired Zebra Cabs metered taxis in 2015. David O’Sullivan spoke to Gerswhin Long, investment analyst at Futuregrowth about the project.