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GoCab Receive $45m to Scale Ethical Mobility Financing Platform
By Dipo Olowookere
A funding package of up to $45 million has been secured by a mobility fintech firm, GoCab, to scale its ethical mobility financing platform across emerging markets.
A statement made available to Business Post disclosed that the funds comprise $15 million equity and $30 million debt, with the equity round co-led by E3 Capital and Janngo Capital. Others involved in the transactions were KawiSafi Ventures and Cur8 Capital.
GoCab operates a drive-to-own mobility fintech model that provides credit to gig-economy workers to buy their own car, bike and others in emerging markets.
It offers vehicles in drive-to-own programmes, mobile phone BNPL, motorbike financing for delivery couriers, and other value-added services through a single digital platform powered by proprietary technology.
With this financing support, GoCab plans to expand its operations and fleet, aiming for 10,000 active vehicles and $100 million in annual recurring revenue within the next 24 months.
Across five markets, GoCab now generates over $17 million in Annual Recurring Revenue (ARR) after just 18 months of operations and is on target to reach $50 million by end of 2026 and $100 million in 2027.
The company was established in 2024 by Mr Azamat Sultan and Mr Hendrick Ketchemen to address the limited access to ethical financing and vehicle ownership for gig-economy workers in Africa.
By combining mobility, technology, and inclusive finance, the organization enables drivers and delivery couriers to generate stable income while progressively gaining ownership of their vehicles.
By 2025, GoCab had taken a leading position in several African markets, supporting thousands of drivers and contributing to cleaner, more sustainable urban mobility systems.
“Transforming lives and improving the daily reality of thousands of families is the mission we have set for ourselves. We believe that capital can and must become a powerful force for transformation across Africa and emerging markets,” Mr Ketchemen said.
His counterpart, Mr Sultan, disclosed that, “For us, GoCab is about restoring dignity and opportunity through ownership.
“Across Africa, millions of people are locked out of both mobility and finance. We saw how capital was flowing everywhere except to the people who actually needed it to work.
“This round allows us to scale responsibly expanding access to fair, ethical financing while accelerating the transition to electric mobility, lowering carbon emissions, and building a more inclusive and sustainable future in close alignment with our investors.”
One of the investors, Mr Vladimir Dugin of E3 Capital, said, “The shortage of vehicles and the high cost of transportation remain two of the most pressing challenges across Africa. GoCab is addressing both head-on through a data- and technology-driven platform that expands access to mobility while improving efficiency at scale.
“Its rapidly growing EV fleet lowers costs for riders and drivers alike, while significantly reducing emissions. We are proud to support GoCab as it builds the leading pan-African mobility platform for the future.”
“We are proud to lead GoCab’s $15 million equity round, catalysing over $30 million in debt financing. We were impressed by their vision, their world-class team, and the quality of their execution.
“With this funding, GoCab now has the scale to deploy thousands of productive vehicles, each supporting a full-time income.
“With a clear operational roadmap toward 10,000 active assets and $100 million in recurring revenue, GoCab illustrates how ethical financing can translate into tens of thousands of decent jobs, household resilience, and sustainable growth at scale,” the chairman of Janngo Capital, Fatoumata Bâ, stated.
Also, a partner at KawiSafi Ventures, Mr Marcus Watson, said, “GoCab is building critical infrastructure for climate-smart mobility and the future of work in emerging markets. The combination of disciplined execution, strong unit economics, and a clear impact thesis makes GoCab a compelling platform for sustainable growth.”
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Warri–Itakpe Train Derailment Leaves Passengers With Injuries
By Aduragbemi Omiyale
A few passengers on a Warri-Itakpe train were feared to have died on Monday in a derailment, which affected at least four coaches. Some of the passengers were also said to have suffered some degree of injury.
This was confirmed by the Nigerian Railway Corporation (NRC) in a statement today.
The unfortunate incident involved the Warri–Itakpe Train Service (WITS), the agency stated, though it did not confirm the number of human casualties.
However, it noted that emergency response teams and relevant authorities were at the scene attending to the situation and providing necessary assistance.
“The Nigerian Railway Corporation (NRC) confirms that an incident involving the Warri–Itakpe Train Service (WITS) occurred today.
“Emergency response teams and relevant authorities are currently at the scene attending to the situation and providing necessary assistance,” the chief executive of the organisation, Mr Kayode Opeifa, said in the statement.
“The corporation is closely monitoring developments and a detailed statement will be issued as soon as more information becomes available,” it added.
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Shuttlers Hits 10 Million Trips, Expands Reach via Google Maps Transit
By Adedapo Adesanya
Nigerian mobility startup Shuttlers has surpassed 10 million trips on its platform and expanded its reach through an integration with Google Maps Transit in Nigeria, thereby strengthening access to public transportation information.
According to a statement on Monday, the milestones reflect the growing need for structured, shared mobility in urban Africa.
The 10-million-trip milestone coincides with Shuttlers’ 10th year of operations, marking a key point in its growth trajectory. Meanwhile, the Google Maps integration now allows users searching for transit directions on the platform to view Shuttlers’ routes and book seats directly through its system.
The partnership is expected to broaden access to reliable shared transportation options for businesses and professionals navigating major urban centres.
To achieve a Google Transit Partner status, Shuttlers aligned its data architecture, route systems, and real-time operational capabilities with Google’s partner infrastructure requirements.
Across the continent’s fastest-growing cities, formal public transport infrastructure faces significant pressure from rapid population growth, leaving millions of professionals dependent on fragmented and costly alternatives. According to the World Bank, African cities lose an estimated 2% to 5% of GDP annually to transport inefficiency.
Shuttlers currently serves 30,000 active users across more than 1,000 itineraries, operating more than 430 buses daily across Lagos, Abuja and Port Harcourt. Since launching in 2016, the platform said it has maintained a 99 per cent trip completion rate and a 99.94 per cent incident-free rate across its entire journey history.
The average Shuttlers commuter saves 60 per cent to 88 per cent on transport costs compared to ride-hailing services, and reclaims 8 to 12 hours from gridlock every month. In Lagos, the average commuter loses more than 30 hours a month to gridlock.
Speaking on this achievement, chief executive and co-founder of Shuttlers, Ms Damilola Olokesusi, shared, “We are incredibly proud of our integration into the Google Maps Transit system. This, alongside hitting 10 million journeys since launch, is a reflection of years of hard work. For millions of professionals, commuting is still unpredictable, exhausting and expensive.”
“We have spent the last 10 years building technology and operational infrastructure that makes daily transportation more dependable – for commuters, businesses that employ them, and the fleet operators who power our network,” she added.
On his part, Mr Olumide Balogun, Director for West Africa at Google, said: “We are pleased to welcome Shuttlers into the Google Transit ecosystem in Nigeria. Reliable transit information helps people navigate cities more confidently and efficiently. As more Nigerians adopt digital tools for everyday mobility, integrations like these help make trusted transportation easier to discover and access.”
Reiterated its commitment to sustainability, Shutters also disclosed that it is actively integrating Compressed Natural Gas (CNG) and electric buses into its fleet, reducing emissions by up to 60 per cent compared to traditional diesel alternatives.
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inDrive Lagos, Abuja Top Drivers Get N30m Fuel, Shopping Vouchers
By Modupe Gbadeyanka
Top drivers of a global mobility and urban services platform, inDrive, in Lagos and Abuja were recently rewarded with fuel and shopping vouchers worth N30 million through its Driver Rewards Campaign.
The promo was created by the company in response to rising fuel costs and increasing operational expenses. It is providing meaningful support to its driver community through this initiative, while celebrating their commitment and hard work for keeping Nigeria’s major cities moving every day.
The campaign, which started in March and will end in June 2026, involves distributing vouchers worth N30,000 each to 1,000 eligible drivers through a series of live raffle draws on inDrive’s digital platforms. This effort is designed to acknowledge and reward the most active drivers on the platform for their unwavering dedication and commitment to providing high-quality service to passengers.
The Country Lead for inDrive Nigeria, Mr Timothy Oladimeji, noted that the initiative underscores the organisation’s ongoing commitment to driver welfare and its mission to foster equitable opportunities within the mobility ecosystem.
Mr Oladimeji explained that the Driver Rewards Campaign is designed to ease some financial burdens while encouraging and celebrating drivers’ resilience, professionalism, and dedication to service.
“At inDrive, we understand the realities drivers face every day, especially as rising fuel prices continue to put pressure on their earnings. Our drivers are the backbone of our platform, and this campaign is our way of recognising their dedication and supporting them meaningfully.
“Through these rewards, we want to show that inDrive stands with drivers, values their contribution and remains committed to creating a fairer and more rewarding mobility ecosystem,” he said.
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