Oway Group (IFC-38400)

Countries
  • Myanmar
Where the impacts of the investment may be experienced.
Financial Institutions
  • International Finance Corporation (IFC)
International, regional and national development finance institutions. Many of these banks have a public interest mission, such as poverty reduction.
Project Status
Approved
Bank Risk Rating
C
Risk rating varies among banks and may refer only to the particular investment and not to the risk for the project as a whole. Projects marked 'U' have an 'Unknown' risk rating at the time of disclosure.
Voting Date
Sep 14, 2016
The estimate day the bank will vote on a proposed investment. The decision dates may change, so review updated project documents or contact the EWS team.
Borrower
OWAY COMPANY LIMITED
The holder of the loan, grant, or other investment.
Sectors
  • Industry and Trade
The service or industry focus of the investment. A project can have several sectors.
Investment Type(s)
Equity
The categories of the bank investment: loan, grant, etc.
Investment Amount (USD)
$ 2.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please review updated project documents for more information.
Project Cost (USD)
$ 10.00 million
Value listed on project documents at time of disclosure. If necessary, converted to USD$. Please see updated project documentation for more information.
Primary Source

Original disclosure @ IFC website

Updated in EWS May 31, 2017

Disclosed by Bank May 13, 2016


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Project Description
Oway Group (or the “Company”) is the leading online travel booking service provider in Myanmar. The Company operates a B2B model where businesses book their travel through the platform, as well as a B2C booking website for private travelers. OwayTravel offers a wide range of booking services, including flight (domestic / regional) and bus ticketing, hotel and tour package booking, car rentals, and guide hiring, with ticketing making up most of the volume today. In March 2016, Oway Group launched its second major business segment, OwayRide, an on-demand ride-hailing service. The project Sponsor (Founder & CEO) in Nay Aung, a Myanmar national with previous experience at Google and Blue Lithium. He is a graduate of Stanford GSB and London School of Economics. Other key shareholders of the Company include Taft Co. Pte. Ltd., Emerging Markets Group Investments, BeeNext Capital and Qualgro Capital.
Investment Description
  • International Finance Corporation (IFC)
The project Sponsor (Founder & CEO) in Nay Aung, a Myanmar national with previous experience at Google and Blue Lithium. He is a graduate of Stanford GSB and London School of Economics. Other key shareholders of the Company include Taft Co. Pte. Ltd., Emerging Markets Group Investments, BeeNext Capital and Qualgro Capital. Total project cost is estimated at up to US$10 million to finance working capital and operating costs of the business, including for costs related to sales & marketing and technology development related to OwayTravel and OwayRide. IFC is considering investing up to US$3 million in equity in Oway Group.
Contact Information
36 Myay Nu Street, Grand Myay Nu Tower, 9th floor, Myay Ni Gone, Yangon, Myanmar Attn: Mr. Nay Aung (CEO) ACCOUNTABILITY MECHANISM OF IFC The Compliance Advisor Ombudsman (CAO) is the independent complaint mechanism and fact-finding body for people who believe they are likely to be, or have been, adversely affected by an IFC or MIGA- financed project. If you submit a complaint to the CAO, they may assist you in resolving a dispute with the company and/or investigate to assess whether the IFC is following its own policies and procedures for preventing harm to people or the environment. If you want to submit a complaint electronically, you can email the CAO at CAO@worldbankgroup.org. You can learn more about the CAO and how to file a complaint at http://www.cao-ombudsman.org/