Uber Competitor GrabTaxi Raises More Than $350 Million

Uber Competitor GrabTaxi Raises More Than $350 Million
Image credit: ISO Republic

Free Book Preview Money-Smart Solopreneur

This book gives you the essential guide for easy-to-follow tips and strategies to create more financial success.
1 min read
This story originally appeared on Reuters

Taxi-booking app GrabTaxi Holdings Pte Ltd said it raised over $350 million from investors including sovereign wealth fund China Investment Corporation, in the Southeast Asian company's largest ever fundraising round.

Other investors include hedge fund Coatue Management LLC and China's mobile car-ride hailing company Didi Kuaidi, GrabTaxi said in a statement, adding that it would use the funds to expand its private vehicle hire and motorbike booking services and invest in technology.

Singapore-headquartered GrabTaxi competes with the likes of Uber Technologies Inc and Rocket Internet's Easy Taxi in the city-state and some of the other Southeast Asian markets in which it operates.

The company, which counts Japanese telecoms firm SoftBank Corp and a unit of Singapore state investor Temasek Holdings as shareholders, has now raised about $700 million since it was launched in 2012.

It was unclear, however, how much the latest fundraising valued the company.

The use of taxi-hailing apps is growing in Southeast Asia, especially Singapore, one of the most expensive places in the world to own a private car. Heavy traffic in cities such as Manila and Jakarta also makes finding taxis tough, benefiting these apps.

(Reporting By Aradhana Aravindan; Editing by Miral Fahmy)

More from Entrepreneur

Our Franchise Advisors are here to help you throughout the entire process of building your franchise organization!
  1. Schedule a FREE one-on-one session with a Franchise Advisor
  2. Choose one of our programs that matches your needs, budget, and timeline
  3. Launch your new franchise organization
Discover the franchise that’s right for you by answering some questions about
  • Which industry you’re interested in
  • Why you want to buy a franchise
  • What your financial needs are
  • Where you’re located
  • And more
Discover a better way to hire freelancers. From business to marketing, sales, finance, design, technology, and more, we have the freelancers you need to tackle your most important work and projects, on-demand.

Latest on Entrepreneur