GrabTaxi receives $15 million in Series B funding
GrabTaxi is one of the largest online taxi-hailing services in Southeast Asia. The company has raised $15 million in Series B funding led by GGV Capital with participation from Qunar and returning investor Vertex Venture Holdings. GGV Capital managing partner Jixun Foo will be joining GrabTaxi’s board of directors.
GrabTaxi competes against Uber and EasyTaxi, which are both going after the Southeast Asian market. GrabTaxi said that this round of funding will be used to grow the company in new cities across Southeast Asia along with building up its driver loyalty and retention programs. GrabTaxi currently operates in Malaysia, the Philippines, Thailand, Vietnam, and Singapore with around 20,000 drivers registered.
“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 GrabTaxi for Southeast Asia and Didi for China will be the go-to transport app in their regional markets,” stated Foo.
The app has been downloaded 1.2 million times and over 250,000 passengers in 15 cities use the app at least once per month.