Image credit: Gunnar Pippel / Shutterstock

Image credit: Gunnar Pippel / Shutterstock

In an attempt to stand out from competitors in the taxi app space and lure more drivers to its platform, GrabTaxi Singapore today announced a new S$3.5 million (US$2.8 million) welfare fund for qualifying drivers that will offer medical, accident coverage and crisis support.

The company will deposit S$300 (US$240) monthly into the fund for each of its drivers who ‘fulfill the service and usage criteria’. It claims to have about 60,000 drivers across the region.

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“Driver welfare has always been a key focus for us and we understand what our drivers truly need. The GrabTaxi Provident Fund allows us to set aside enough money to support our drivers who have been active and adhered to our strict code of service conduct,” Lim Kell Jay, General Manager, GrabTaxi Singapore said in a release.

“This is just the start for us as we continue to grow our network in Singapore. We feel that this is a great way to reward our drivers who have performed to the highest standard and helped us grow to become the largest in Singapore… [It’s] a great opportunity for us to say a big thank you for their efforts,” he added.

In the less than 18 months since it started, the taxi-booking app has become the largest in the city-nation, and wants to become ‘the largest consolidated taxi fleet in Singapore by the third quarter of 2015’.

According to the latest data shared by the company, 620,000 people use the app at least once a month in Southeast Asia, seeing over three million downloads.

At the start of December, GrabTaxi secured a US$250 million Series D round from SoftBank, and throughout November and December it offered discounts to lure users in Indonesia, its newest market at the time.

Meanwhile, BuzzFeed News reported earlier this month that GrabTaxi, OlaCabs and other ride-hailing apps may soon ‘work together to compete against Uber by forming a global alliance of regional players’ — further proof that the space is as heated as ever.

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