Thu, Aug 20, 2015 - Page 13 News List

GrabTaxi raises US$350 million

UBER RIVAL:The new funding means Singapore’s taxi-booking app now has US$700 million in capital, making it ‘one of the best-funded’ startups in Asia


Southeast Asian taxi-booking app GrabTaxi Holdings Pte Ltd yesterday said it had raised more than US$350 million in the firm’s biggest-ever fundraising to boost its business in the rapidly growing market.

The Singapore-headquartered GrabTaxi, which competes with the likes of Uber Technologies Inc, said in a statement the funds came from investors that included China’s sovereign wealth fund China Investment Corp (CIC, 中國投資公司), and Coatue Management LLC, a US firm that invests in technology companies worldwide.

Didi Kuaidi (滴滴快的), China’s biggest taxi app firm, is also among the big-name sources of the fresh funding.

The injection brings GrabTaxi’s total funding to US$700 million, which the company said makes it “one of the best-funded startups in the history of Southeast Asia.”

“This investment is not only a statement on GrabTaxi’s dominance in the region, but also the growth potential of Southeast Asia on a global level,” GrabTaxi chief executive and cofounder Anthony Tan (陳炳耀) said.

“As one of the leaders in the region, we’ve been able to attract top global talent to our brand, as well as secure investment from great partners like Coatue and CIC,” he said in a statement.

GrabTaxi, which was launched in 2012, said it has a presence in 26 cities across six countries in Southeast Asia, including Malaysia, Singapore, Indonesia, the Philippines, Thailand and Vietnam.

Japanese telecoms firm Softbank Corp and Singapore state-linked investment firm Temasek Holdings Pte have also invested in GrabTaxi.

Ride-booking apps have become increasing popular as hailing traditional cabs becomes more difficult in many large, congested Southeast Asian cities.

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