GrabTaxi announced today it has raised US$350 million from various international investors, bringing the taxi app’s funding total to US$700 million.
Investors include China’s taxi app giant Didi Kuaidi, American investment firm Coatue Management, Chinese sovereign wealth fund China Investment Corporation, along with support from a few current shareholders.
The notable investor amongst the group is Didi Kuaidi, which in itself raised US$2 billion on July 7. Now that Didi Kuaidi is a major stakeholder in GrabTaxi, both GrabTaxi Co-founder and CEO Anthony Tan and Didi Kuaidi President Jean Liu stressed the two companies’ desire to learn from one another’s experiences to leverage both markets.
Also Read: Can GrabTaxi trump Uber in Southeast Asia?
Speaking on the investments, Tan did not mince words, illustrating his company’s success 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.”
Having moved beyond taxis and successfully integrating Uber-like private cars (GrabCar) and motorbikes (GrabBike), the funds will be used to grow that arm of the company. Currently, GrabCar is available wherever GrabTaxi is found while GrabBike is only available in Vietnam, Indonesia and Thailand.
Additionally, the company plans on using the money to further develop its technology facilities.
It has been an exciting couple of weeks for GrabTaxi. Besides the funding, the company’s CTO Wei Zhu left on August 5 after one year with the company.
Founded in Malaysia in July 2011 as MyTeksi, the company was opened to the Malaysian public on June 5, 2012.