MyTeksi (known as GrabTaxi regionally), the taxi-booking mobile phone app, has raised more than US$15 million in a Series B funding. The round was led by Silicon Valley-based GGV Capital with participation from new investor Qunar and Vertex Venture Holdings who previously led the company’s Series A round.
GGV Capital is a US$2.2 billion multi-stage venture capital firm, based in Silicon Valley and Shanghai. Some of its key portfolio companies include companies such as Alibaba Group, Square, Flipboard, SoundCloud and YY. Qunar is the leading search-based ecommerce platform for the travel industry in China. Vertex Venture Holdings is a wholly-owned subsidiary of Singapore’s Temasek Holding.
The new round of funding will support MyTeksi’s aggressive growth into new cities in Southeast Asia and extend its market dominance through regional driver loyalty and retention programmes, the company said.
MyTeksi Founder and Group CEO Anthony Tan said, “We are honoured to be included in GGV Capital’s portfolio of companies alongside with global names such as Alibaba Group, Square and Flipboard. We are also grateful to Vertex Venture for their continued support and confidence by re-investing in MyTeksi. This funding will drive MyTeksi closer towards their ultimate goal of changing the way 600 million people move in Southeast Asia.”
In addition to the funding, Jixun Foo, Managing Partner in GGV Capital’s Shanghai office, will join MyTeksi’s Board of Directors. Foo has more than 12 years’ experience working with Asian entrepreneurs and also serves on the boards of global companies such as Qunar, Youku-Tudou and Tujia. Foo has been annually awarded one of the “Best Venture Capitalists” by Forbes China since 2006.
“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 MyTeksi for Southeast Asia and Didi for China will be the go-to transport app in their regional markets,” commented Foo.
MyTeksi works with the existing taxi ecosystem in the countries it is operating in Malaysia, the Philippines, Thailand, Vietnam and Singapore. More than 20,000 taxi drivers have registered with MyTeksi and the company estimates that one in two active taxi drivers in the region will be on the MyTeksi network by the end of 2015.
Today, more than 250,000 passengers across 15 cities use the app at least once per month to hail a taxi. Most recently MyTeksi launched a limousine service called GrabCar in Malaysia.
Besides accelerating MyTeksi’s growth in the region, the funding will also be used for social initiatives aimed at improving the welfare of taxi drivers while building loyalty and retention. MyTeksi said that initiatives will be rolled out in stages in the next quarter.
“We recognize and appreciate our drivers for their trust and commitment in us since we started. We are keen to nurture a constant, regular relationship with our drivers, to constantly be talking and engaging them in order for all of us to grow in tandem,” said Tan.
The MyTeksi app has been downloaded onto more than 1.2 million mobile devices in over 15 cities in the region.