Oway

About Oway

Oway Group stands as a significant player in Myanmar's digital economy, having pioneered multiple online services tailored for the local market. The company was founded in 2011 by Nay Aung, a Myanmar-born entrepreneur who returned to his home country after gaining experience at Google in the US. His journey, which includes degrees from Stanford University and the London School of Economics, reflects a clear ambition to spearhead the digital transformation in Myanmar by establishing ventures in travel, payments, and e-commerce.

The company began its journey as an online travel agency (OTA) in 2012, Oway.com.mm, at a time when internet penetration in Myanmar was exceptionally low. Nay Aung anticipated the market's digital leapfrog, a vision that guided the company's strategy. The OTA platform provides a comprehensive suite of services including booking flights, hotels, tours, and car rentals, serving both international and local customers. This initial focus was a strategic move to build a revenue-generating business from the outset, a necessity in a market where the Silicon Valley model of burning cash was not feasible.

Building on its travel foundation, Oway diversified its portfolio by launching Oway Ride in 2015, an Uber-like ride-hailing service, and Oway Fleet, which provides corporate transportation solutions. This expansion transformed Oway into an integrated mobility and travel company. Oway Ride was established to solve everyday transportation problems and quickly became the largest ride-hailing service in Myanmar by focusing on physical presence and expanding into cities outside the main commercial hub of Yangon, avoiding direct, heavy competition with international giants like Grab. The corporate services division caters to a diverse client base that includes major multinational corporations, embassies, and NGOs, offering unified solutions for business travel, transportation, and procurement.

The company's business model is a hybrid, combining B2C services through its travel and ride-hailing apps with a B2B focus in its corporate fleet and travel management services. Revenue is generated from commissions on travel bookings and fees from its transportation services. Financially, Oway has successfully attracted significant international investment, securing over $24.7 million in funding from prominent investors such as the International Finance Corporation (IFC), Northstar Group, Daiwa PI Partners, and Openspace Ventures. This funding has been crucial for expanding its operations and navigating the challenges of a developing digital infrastructure and low digital literacy in the country.