Executive Summary
NINJA TAXI in Kyiv positions itself as an EV-taxi fleet operator and partner for investors. It publicly communicates two main investment paths: (1) a fixed-income loan product marketed at ~18% annual return (paid quarterly), and (2) “car management” options where an investor supplies or purchases an EV and receives 30% of turnover (not profit). The project’s appeal is clear—EV economics, app-based demand (Uklon/Bolt/Uber), and a simple promised mechanic—but so are the risks: spare-parts logistics for less common models, driver supply/quality, limited in-house maintenance capacity, scaling gaps, and potentially optimistic modeling of depreciation and downtime.
Bottom line: attractive only as a high-risk, data-verified bet with tight contracts and phased exposure.
What the Project Offers
Fixed-income loan: marketed at ~18% p.a. in foreign currency with quarterly payouts and a nominal 3-year term. Collateralization by vehicle may be offered in documentation.
“Car in management”: investor hands over an EV to NINJA TAXI for taxi operations through local aggregators; the investor receives 30% of turnover (gross revenue share).
“Buy from China + management”: support in sourcing models like BYD Yuan UP/E2 or Honda M-NV, then onboarding to the fleet under the same 30% of turnover mechanic.
Operations footprint: Kyiv city focus; the company promotes an internal ERP and fast charging points; standard work hours for office comms 09:00–18:00.
Contacts: sergey@ninja-taxi.ua, partnerships +380 93 753 10 57, HR +380 95 427 90 85. Ninja Taxi+2Ninja Taxi+2
⚠️ Note: “30% of turnover” ≠ “annual yield”. It’s a share of gross revenue before many costs and risks.
How Returns Are Paid
Loan path: interest quarterly; principal at maturity (commonly 36 months) per contract.
Management path: the 30% turnover share is typically settled monthly/quarterly based on app revenue reports and the project’s ERP records.
Legal Framework (Investor Protection 101)
For the loan + collateral route, investor protection hinges on:
A properly drafted loan agreement;
A notarized vehicle pledge (where applicable) registered in Ukraine’s Register of Encumbrances so your claim has priority;
Clear allocation of notary/registration costs (often overlooked);
Insurance (at least MTPL/OSCPV; ideally CASCO for EVs, with attention to mileage exclusions).
For the management route, insist on a services/management agreement with SLAs: uptime targets, repair timelines, replacement car policy, data access (ERP), and termination/asset return mechanics.
Market Context
Kyiv’s taxi demand runs through Uklon/Bolt/Uber; pricing and utilization fluctuate with season, events, and security conditions.
Driver market is competitive with high churn; quality control and retention are central to keeping cars productive.
EVs can reduce per-km energy costs, but charging availability, queueing, and tariff differences (home vs fast DC) can swing unit economics.
Critique & Risk Analysis (including expert concerns)
Base Risks
Spare parts & downtime
Less common EV models (BYD, Honda M-NV) are growing in Ukraine but still face longer lead times and premium pricing on many components. A supply hiccup can park a car for weeks, eroding yield.
Driver supply & quality
New/unpopular models can be less attractive to drivers, and weaker driver pools raise accident/abuse risks and income volatility. High churn also means onboarding costs and gaps in utilization.
Strategic Risks
Maintenance infrastructure
Even a 50-car fleet needs robust in-house capacity (diagnostics, tires, body, electronics) to keep downtime and costs under control. Heavy reliance on outsourcing inflates opex and extends repair queues.
Scaling plan
Ambitions of hundreds of cars without a documented roadmap (capex, staffing, parts inventory, internal service bays, charging throughput) risk diluting controls and increasing idle time.
Critical Business-Model Risks
“30% of turnover” marketing
A turnover split can look generous yet deliver modest or negative net returns after repairs, tires, detailing, insurance, fast-charging, parking, cleaning, accidents, and admin. Demand a line-item P&L per car for 6–12 months.
Depreciation vs. projections
Intensive taxi usage (≈90–100k km/year) can drive accelerated depreciation; first-year value drops of 40–60% are plausible in harsh duty cycles and would wipe out optimistic models that budget ~20% depreciation alongside a targeted ~20% investor yield.
Liability limitation & collateral reality
If contracts cap liability at the pledged car, a default may leave you with an asset worth less than the outstanding principal. Also watch for stacked pledges on the same debtor. Ensure encumbrance registration and check debtor leverage.
What to Verify Before Funding (Checklist)
12 months of real data for several cars: aggregator statements + ERP exports + bank statements.
36-month P&L model per car with sensitivity to: tariffs, utilization, fast-charge vs home pricing, repairs, tires, accidents, insurance, and admin.
Service SLAs: diagnostics lead time, repair turnaround, spare-parts stock list, and replacement-car policy.
Driver funnel: sourcing, training, churn, incentive plan, incident rate.
Charging throughput: exact locations, kW, concurrent ports, typical queues, tariff schedule.
Contracts: loan/pledge (with registry proof), or management agreement with data access and clear exit/return terms.
Insurance: CASCO terms for EVs, deductibles, exclusions at high mileage.
Corporate checks: company registration (ТОВ “НІНДЗЯ ТАКСІ”, EDRPOU 45321068), VAT/single-tax status, beneficial owners, and any encumbrances. Opendatabot
Verdict
NINJA TAXI could fit a portfolio as a high-risk, operations-heavy position if—and only if—you obtain hard data, negotiate investor-friendly contracts, and start phased (e.g., one vehicle or a smaller loan). Without verified utilization, in-house maintenance capacity, and realistic depreciation, the marketed yield is unlikely to materialize.
Project Contacts
Website: ninja-taxi.kyiv.ua
Partnerships: +380 93 753 10 57
HR: +380 95 427 90 85
Email: sergey@ninja-taxi.ua
Hours: Mon–Fri 09:00–18:00 (Kyiv). Ninja Taxi+2Ninja Taxi+2