US investment firm Coatue Management, and China’s sovereign wealth fund China Investment Corporation as well as Did Kuaidi participated in the latest funding exercise, joining GrabTaxi’s existing list of investors that include Japan’s Softbank and Singapore’s Vertex Venture Holdings.
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GrabTaxi was founded in Malaysia as MyTeksi in 2011, and is now headquartered in Singapore.
It was unclear, however, how much the latest fundraising valued the company.
The San Francisco-based company is believed to have raised between US$75 million and US$100 million from Indian private-equity firm Tata Opportunities Fund to help subsidise its global expansion, the Wall Street Journal reported.
GrabTaxi Holdings has secured another round of funding totaling more than US$350 million as the ride-sharing service looks to expand its footprint across Southeast Asia.
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 vehicle.
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With an app available on iOS, Android and the Blackberry 10 platform, GrabTaxi has taken greater pains to win friends and influence people than aggressively expansionist rival Uber. It is also now operating a scheme wherein 70,000 full-time national and regular servicemen and women can receive subsidised rides by using a special token code that the company provides.
