MobilityX, a Singapore-based multimodal transport subscription service backed by rail operator SMRT and Toyota Tsusho, the trading unit of carmaker Toyota, has ceased operations, the Straits Times reported yesterday.
Founded in 2018, MobilityX provided a mobility-as-a-service (MaaS) app dubbed Zipster that helped users compare prices and hire multiple transport options across areas such as urban transit systems and on-demand bicycle and scooter rentals.
The company raised an undisclosed amount of series A funding from Toyota Tsusho in 2018 and had also received a similarly undisclosed amount of seed funding at an unspecified date from SMRT. It reportedly halted its services late last month.
Axel Tan, general manager for SMRT Ventures, the corporate venturing arm of SMRT, told Straits Times that MobilityX’s shareholders chose not to continue funding the company due to a tough business and regulatory environment, adding: “The intellectual property developed will be retained and evaluated for future projects.”
