Taxi app GrabTaxi has closed another round of funding. What will it do with the money?
Singapore-based taxi app company GrabTaxi has today announced that it has raised more than US$15 million in a Series B round led by GGV Capital, with participation from Chinese travel portal Qunar and previous investor Vertex Venture Holdings.
This announcement comes shortly after the startup was reported to have received an eight-figure funding sum from Vertex Venture Holdings, a wholly-owned subsidiary of Temasek Holding.
The funds will help boost GrabTaxi’s position in Southeast Asian markets. It is currently available in Malaysia, the Philippines, Thailand, Vietnam and Singapore. According to an official statement, the app has more than 20,000 taxi drivers on its network and more than 250,000 monthly active users.
Jixun Foo, Managing Partner, GGV Capital will join GrabTaxi’s Board of Directors. Foo said, “We are excited about working with Anthony and his team. Their focus and understanding of local markets will fuel their success and provide competitive advantage. Therefore, we believe that GrabTaxi for Southeast Asia and Didi for China will be the go-to transport app in their regional markets.”
In the region, GrabTaxi has been commended for its interface and effectiveness. In an editorial dated May 28, 2014, Web In Travel Editor Yeoh Siew Hoon wrote about how taxi drivers had asked her if she “grabbed” a lot. Before we know it, GrabTaxi might just become a household name.