Pakistani telecommunications and multimedia company WorldCall Telecom Limited (WTL) has shared its plan to launch Ride Hailing services by early next year to rival Careem and Uber, the company said in its 2020 Annual Report shared with the Investors.
According to the company, preliminary market research has been carried out and its feasibility study is showing positive results.
The development will take place as WorldCall seeks to modernize its business model and operations in the fiber and telecommunications industries for a while.
The announcement also noted that WTL has launched a Doc on Call platform for its customers and plans to expand the service to other areas.
The company said. “So far, the response has been encouraging enough to launch services in other urban areas of the city.
The excerpt from Annual Report reads: “Ride Hailing is another initiative like Uber / Careem with Prior market research, feasibility studies show promising results and improved driver/passenger safety remain a priority. An Android / IOS app is under development and we plan to officially launch this service early next year.”
WTL has posted loss of Rs. 146mn in 2020 with Revenue clocking in at Rs. 3.14bn down by 18%YoY.
WTL has been in the market limelight for sharing its growth plan with Investors where it previously announced that it will be venturing into AI and Block Chain related ventures. WTL total asset size stood at heft Rs. 15.78bn with modest equity of Rs. 4.5bn.
Analysts are of the opinion that to explore Growth Ventures, WTL will be requiring some additional funding from external sources. With Choked Banking lines, WTL is looking for further Equity Injection. In this regard, it has been in talks with prospective investors including ARY Media group for taking up a stake in the company.
However, nothing has been finalized yet, however, analysts believe that a strong sponsor will be taking over significant shareholding in the company to capitalize on its huge Infrastructure and bring a turnaround.
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