GrabTaxi raises $350M to boost SE Asia operations

MANILA, Philippines - GrabTaxi Holdings Pte Ltd., the holding company for taxi booking service app GrabTaxi, has raised $350 million to enhance its operations in the Philippines and other countries in Southeast Asia.

In a statement, GrabTaxi said the funding which is the largest received by the firm, came from US investment firm Coatue Management L.L.C., Chinese sovereign wealth fund China Investment Corp. and China’s one-stop transportation network Didi Kuaidi, along with support from existing shareholders.

The amount brings the company’s total funding to approximately $700 million, making it one of the best funded startups in 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 is at the forefront of the startup industry in Southeast Asia and it is a mantle we carry proudly,” Anthony Tan, group chief executive officer and co-founder of GrabTaxi said.

GrabTaxi said the funds will be used to improve the user interface of the app which will affect all countries in the region.

The funds will likewise be used to rapidly grow the app’s exciting new offerings to replicate the success of GrabTaxi’s taxi product line.

Among the new offerings is GrabCar, a private hire vehicle service available in all countries where GrabTaxi is available.

GrabExpress, an on-demand, same-day delivery service is currently available in Manila.

Both GrabCar and GrabExpress are available through the same GrabTaxi mobile app.

“We exist to solve the region’s transportation challenges.

Diversifying into private cars and motorbikes has allowed us to touch people of varying income levels and commuting needs. We are the only app in the region that has such an extensive network and range of transportation choices,” Tan said.

Launched in 2012, GrabTaxi has expanded throughout Southeast Asia.

The app is currently available in 26 cities across six countries such as Malaysia, Singapore, Indonesia, Philippines, Thailand and Vietnam.

At present, over 110,000 drivers are under the GrabTaxi network.