Easy Taxi secures US$40 million in Series D funding
Investors for the Rocket Internet-backed company include Russia’s Phenomen Ventures and Germany’s Tengelmann VenturesBy Terence Ng 29 Jul, 2014
Rocket Internet’s Easy Taxi has secured US$40 million in Series D funding from a bevy of investors, contributing to its growth efforts in Asia and Latin America.
Led by an international group of investors, which includes German Tengelmann Ventures, the investment company behind multi-sector retailer Tengelmann Group, and Russia’s Phenomen Ventures, the money provides a shot in the arm for Easy Taxi as it aims to become the top taxi app in various markets.
According to Co-CEO Dennis Wang, Easy Taxi will be using this funding to further its growth in existing markets, which comprise over 160 cities in more than 30 countries, as well as advance its technology and expand its service to more geographical locations and to new audiences. He noted that in addition to money, the expertise of the new investors will also provide a boost to achieve these ambitions.
Tallis Gomes, Co-CEO, Easy Taxi, added that this funding round will let Easy Taxi work towards its aim of disrupting the traditional taxi industry, bringing convenience and safety to the millions of riders worldwide that use the service. Already, Easy Taxi has added over 150,000 drivers to its network, bringing the total to nearly 185,000.
This news comes just two months after rival GrabTaxi secured US$15 million in funding. It is clear that the competition among taxi apps has entered a whole new level, with companies from other industries entering the fray with EasyTaxi’s partnership with WeChat and GrabTaxi’s tie-up with Deezer. Whichever way this plays out, it’s apparent that consumers will ultimately be the ones to benefit, receiving more value as the taxi giants duke it out.