grabtaxi

GrabTaxi has today announced at a press conference in Singapore that it has raised US$90 million in the last 12 months. This puts the company’s latest round of funding at around US$65 million.

The funds will mainly be used for boosting hiring and driver welfare efforts, said Anthony Tan, Founder and Group CEO, GrabTaxi (or better known as MyTeksi in Malaysia).

The latest round was led by US-based Tiger Global Management, with participation from Hillhouse Capital Management, Vertex Venture Holdings, GGV Capital and Qunar.

Tan added that the team does not see markets as “stronger or weaker”. There are only “more matured” and “less matured” markets; Malaysia, for example, would be considered as a “more matured” market, only because GrabTaxi had started operations there before moving into other markets.

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“Smartphone is the new rice bowl,” he said, talking about how taxi drivers in today’s day and age are turning towards third party e-hailer apps like GrabTaxi to generate more jobs.

Today, the two-year-old company has operations out of 16 cities including ones in Malaysia, Singapore, Thailand, Vietnam, the Philippines and Indonesia. It also boasts of 2.1 million app downloads and 400,000 monthly active users across the region.

Additionally, the iOS and Android compatible platform generates two bookings every second regionally.

Also Read: GrabTaxi and Easy Taxi need to stop bickering

It last made headlines raising US$15 million in funding from GGV, and an undisclosed “eight-figure sum” from Singapore’s Vertex Venture Holdings.

(Story before updates)

10 AM — Taxi booking app company GrabTaxi, or better known as MyTeksi in Malaysia, yesterday announced at a press conference that the company has raised US$90 million in a Series C round, according to The Star.

Malaysian radio station BFM, on the other hand, mentioned that MyTeksi had raised US$65 million instead.

The official number will be confirmed at a press conference in Singapore later today.

Today, the two-year-old company has operations out of 17 cities including ones in Malaysia, Singapore, Thailand, Vietnam, the Philippines and Indonesia.

It last made headlines raising US$15 million in funding from GGV, and an undisclosed “eight-figure sum” from Singapore’s Vertex Venture Holdings.