Mobile startup from Abu Dhabi Phoenix added taxi and courier services to its portfolio of mobility products.
The company launched “Fenix Taxi” in Manama, Bahrain on Monday and plans to add two additional markets this summer. At the same time, Fenix launched its “Fenix Genie” service, which allows users to “buy anything and get anything delivered” within minutes in select areas of Abu Dhabi, Istanbul, Mersin and Doha, according to the startup. . Couriers deliver goods using a combination of shared Fenix e-scooters and domestic e-mopeds.
Since Fenix was founded as a shared e-scooter operator in 2020, the company has regularly added business lines, from Delivery of products in 10 minutes to a micromobility subscription, now, ride-grad. This is an analogue of the play for like Bolt in Europe as well as Yandex in Russia and Israel, one that “utilizes what we consider the micromobility superpower, which is a great way to bring customers to the platform and organically adopt us and then offer free services,” Jaideep Dhanoa, co-founder and CEO of Fenix, told TechCrunch.
“Having worked in the industry for about eight years, I know that one product cannot meet all mobility needs because our needs are diverse both for the population and for each trip,” continued Dhanoa.
All Fenix products and services are available in one app and the goal is to create one “mobile super app” to serve the entire Middle East. Apart from Bahrain, Qatar, Turkey and the United Arab Emirates, Fenix also has a presence in Saudi Arabia, notably through its shared and subscription scooter service.
“Our mission is to unleash the city’s potential and move communities forward,” Dhanoa said. “We start with mobility, which opens up new possibilities. Mobility allows people to work, go to school, trade, take you home. When people move and do more, it stimulates economic activity and quality of life, so we’re really focused on how we can reduce that friction in order to move.”
Dhanoa says piling up products and services has been a strategy from the beginning. Co-founder of the CEO, IQ Syed, was previously Head of Engineering at Careem, a Middle Eastern taxi service that Uber purchased. This experience has taught Syed to think of Fenix’s product technology architecture as something that can be continually added to rather than redesigned every time the company decides to add a new line of business.
“We have incorporated these lessons into how we built the technology at Fenix from day one, and it’s really paying dividends as we can now release new products virtually every quarter with a very lean, high-speed tech team. Dhanoa said.
Publicly, Fenix has only raised $5 million, most if not all of which likely went to funding. acquisition of Turkish e-scooter operator Palm by the company. Dhanoa says Fenix has raised more money, which has yet to be announced, to help it scale and expand. Otherwise, the company relies heavily on profits from its core micromobility business to fund these new lines of business.
“We are profitable in all five of our markets per unit of economy,” Dhanoa said. “I think the choice of the market is also important. In the Gulf in particular, there is indeed a large profit pool for operators-intensive businesses through labor arbitrage alone. We have developed market pricing with costs in emerging markets and low intensity of competition.”
In the near future, Fenix will focus on bringing its entire portfolio of mobility and delivery products to the territory where shared e-scooters are currently used in order to capitalize on existing brand affinity. Dhanoa says Fenix is also working to expand the presence of e-scooters in current markets.
Looking further, Fenix wants its presence to cover a large region of the Middle East, from Morocco to Pakistan.
“This is a region with similar characteristics to Southeast Asia – large in population but diverse and highly fragmented – that requires huge leadership attention to unlock it, creating an opportunity for a regional champion,” Dhanoa said.
Credit: techcrunch.com /