GrabTaxi Holdings Pte Ltd (known as MyTeksi in Malaysia) announced it has raised its largest ever funding of over US$350 million (RM1.4 billion), from Coatue Management, L.L.C., an US investment firm, China’s sovereign wealth fund, China Investment Corporation (CIC), and China-based Didi Kuaidi, along with support from existing shareholders.
Anthony Tan, Group CEO and Co-Founder of GrabTaxi said, “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. As one of the leaders in the region we’ve been able to attract top global talent to our brand as well as secure investment from great partners like Coatue and CIC”.
On Didi Kuaidi’s investment, Tan added “Didi Kuaidi is the leading player in China with strong multi-product experience. We look forward to working with our peer in China, leveraging off each other’s experience to continually deliver the best service possible”.
Didi is the largest one-stop transportation network in China. Its products span from taxi hailing, private car service, hitch, enterprise solutions, designated driving and bus services. Operating in 360 cities in China, it has 3 million taxi rides and 3 million private car rides every day.
Jean Liu, President of Didi Kuaidi said “A cooperative approach with the dominant player in Southeast Asia will enhance both our businesses. Anthony and the team have achieved incredible growth so far, and we look forward to helping continue that momentum”.
GrabTaxi began as a taxi app but has diversified its product offering to include GrabCar and GrabBike. The funds will be used to rapidly grow these new offerings, GrabCar and GrabBike. GrabCar is a private hire vehicle service currently available in Malaysia, Singapore, Indonesia, Thailand, Philippines and Vietnam. GrabBike is a motorbike taxi booking service currently available in Vietnam, Indonesia and Thailand, markets where motorcycle taxis are a very popular form of commuter transportation.
“We exist to solve the region’s transportation challenges. Diversifying into private cars and motorbikes has allowed us to touch people of varying income levels and commuting needs. We are the only app in the region that has such an extensive network and range of transportation choices,” says Tan.
The funds will also be used to further develop GrabTaxi’s technology offering as it continues to invest in expanding its engineering offices that now spans Singapore, Malaysia, Vietnam and Beijing.
Launched in 2012, GrabTaxi is available throughout Southeast Asia with presence in 26 cities across 6 countries, including Malaysia, Singapore, Indonesia, Philippines, Thailand and Vietnam. It has over 110,000 drivers.
Available on Blackberry, Android and Apple iOS smartphones, the GrabTaxi app has been downloaded for more than 6.1 million times.
With the new investment, this brings GrabTaxi’s total funding to approximately US$700 million and makes it one of the best funded startups in the history of Southeast Asia, it claims. GrabTaxi was founded by two Malaysian Harvard Business School graduates Anthony Tan and Hooi Ling Tan.