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Uber Competitor GrabTaxi Raises More Than $350 Million

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This story originally appeared on Reuters

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

ISO Republic

Other investors include hedge fund Coatue Management LLC and China's mobile car-ride hailing company 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.

-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 , 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)

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