Premium mobility service provider Jin Mobility has started a marketing campaign to raise 120 billion won ($105 million) from outside investors by issuing new shares, industry sources said on Monday (March 8).

Jin Mobility was founded in 2020 by nine taxi companies in Seoul and a tech company. It owns 750 taxi licenses and nine garages in the Songpa, Gangdong and Dobong areas of Seoul and provides mobility services using 11 person recreational vehicles through its own mobile application i.M.

Market insiders said the company has started a process to secure liquidity from financial investors to expand its service areas. It is likely to raise a total of 120 billion won from multiple financial investors through several rounds of investments.

Jin Mobility is reportedly preparing reservation services for customers traveling to airports and golf courses, concierge services for VIP guests and services exclusively for corporate customers, along with basic taxi services.

Market insiders see growth potential in the platform-based mobility services industry, but noted that investors first have to agree on the company’s enterprise value if they are to strike the deal. Jin Mobility is reportedly seeking a valuation of around 100 billion won.

“Investors continue to look for investment opportunities in the platform-based taxi-hailing service market,” said an industry source, adding, “But they need to reach an agreement on evaluation criteria for valuing a company first.”

The Ministry of Land, Infrastructure and Transport said in January that the number of taxis operated by six platform-based taxi-hailing services companies, including KM Solution and KST Mobility, had surpassed 30,000, up 18 times in just one year. (Reporting by Ar-rum Rho)