Conatos

About Conatos

Conatos is a South Korean mobility company established in 2018 by CEO Kim Ki-dong. Drawing on his prior experience in AI, IoT, and platform services at SK Telecom and SK Planet, Kim founded Conatos to address persistent issues within the traditional taxi industry. The company operates Banban Taxi (meaning "Half-Half Taxi"), a ride-hailing platform centered on a voluntary ride-sharing model designed to benefit both passengers and drivers.

The firm's core service, Banban Taxi, was launched after being selected as the first mobility project under South Korea's ICT regulatory sandbox in July 2019. This designation allowed the company to legally test its app-based taxi co-boarding service, which had been previously prohibited. The platform matches passengers heading in similar directions, allowing them to share a single taxi and split the fare. To ensure safety, the service includes features like mandatory real-name verification, same-gender matching, separate seating assignments, and dedicated insurance, which resulted in zero safety incidents during its two-year trial period. Following this successful demonstration of safety and effectiveness, the service was fully legalized in January 2022.

Conatos operates on a B2C commission-based business model, generating revenue through its mobile application. Passengers can save on fares, while drivers earn additional income, addressing issues like the chronic shortage of late-night taxis and driver unwillingness to accept short-distance rides. The fare is calculated and automatically paid via pre-registered cards upon reaching the final destination. In April 2021, Conatos expanded its market presence by acquiring T-One Mobility, the operator of the 'T-One Taxi' and 'Ribon Taxi' platforms, integrating their driver networks and operational expertise. This move strengthened its position against larger competitors by emphasizing a co-existence model with the taxi industry. The company has secured approximately 8.5 billion KRW in total funding from investors including SK Gas, TBT, BonAngels, SparkLabs Ventures, and Humax.