Company will invest in corporate functions, building strengths of business teams, and product development.
Japan-based SmartRyde Inc, the owner of a pre-booked airport transfer marketplace, SmartRyde, announced that it has published a new product called “Demand Partner API”.
With this product, online travel agencies (OTAs) and airline companies will be able to access the airport transfer network and offer their customers airport transfer services when taking hotel reservations and flight bookings, which is expected to increase their profits.
Back in 2021, SmartRyde raised $1.6 million through a Series A round. When asked to comment, Sota Kimura, CEO and founder, SmartRyde, said, “Travellers will not only be able to travel more online, but will also be able to sell previously fragmented ground transportation in conjunction with air transportation and hotels, making personal travel even more flexible than packages. I think it will be realised in the near future.”
That future seems to have come for SmartRyde.
The rollout of the new Demand Partner API comes on the heels of the company raising approximately JPY 450M ($3.4 million) through the third-party allocation of shares led by NVC No.1 Limited Liability Partnership (a fund jointly managed by NVenture Capital Limited and NEC Capital Solutions Limited) and together with SMBC Venture Capital, Yamaguchi Capital, Hiroshima Venture Capital, Shigagin Regional Revitalization SD Fund, and Iyogin Capital, and additionally by obtaining the subordinated loan from Japan Finance Corporation.
SmartRyde’s immediate goal in the pipeline is pretty clear – the establishment of a global distribution system (GDS), an online network that connects travel agencies and other travel-related service providers such as airlines, hotels and car rental agencies around the world. This system allows their customers to make real-time reservations and ticket issuance.
SmartRyde also aims to streamline vehicle allocation systems and methods of inventory management that have remained unchanged in the taxi and limousine industry for a long time. The plan is to make SmartRyde a GDS designed for airport transfers that connects OTAs, airlines, etc. and responds to various demands.
The company is also clear on how to divide the newly acquired investment pie. SmartRyde is looking to invest further in expanding corporate functions and building strengths of business teams as well as in product development. While partnering with VCs of the local banks that participated in the said funding round, the tech brand intends to increase the number of inbound tourists to Japan by utilizing the OTA network of the largest scale in the country.
They also aim to support domestic taxi operators in the aspect of profitability and to provide them with new value including streamlining and cost reduction.
Back in 2022, SmartRyde formed a partnership with London-based super app enabler Splyt. The collaboration enabled users in this region to book SmartRyde’s service through other platforms such as Grab.
SmartRyde currently provides pre-booked airport transfer services to over 700 airports worldwide.
