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Friday, August 21, 2015

GrabTaxi receives over US$350 million in additional funding

GrabTaxi Holdings Pte Ltd (“GrabTaxi”) announced it has raised its largest ever funding of over US$350 million (PHP 16.1 billion), from Coatue Management, L.L.C. (“Coatue”), a US investment firm that invests in technology worldwide, China’s sovereign wealth fund, China Investment Corporation (“CIC”), and Didi Kuaidi (“Didi”), along with support from existing shareholders.

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. GrabTaxi first launched in Manila, Philippines in July 2013, and quickly expanded into Cebu, Davao, Iloilo, Bacolod and Baguio.

Putting Southeast Asia on the map

Southeast Asia has continued to increase in prominence in the global startup ecosystem as more investors seek exposure to the fast growing mobile-first region. GrabTaxi has become the gold standard for the region and provides a benchmark in technology innovation and success.

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”.

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”.

Where the funds will be used

GrabTaxi has successfully diversified its offering beyond taxis to include private cars and motorbikes. The funds will be used to rapidly grow these exciting new offerings to replicate the success of GrabTaxi’s taxi product line. GrabCar is a private hire vehicle service available in all countries where GrabTaxi is available. GrabExpress is an on-demand, same-day delivery service that is currently available in Manila. Both GrabCar and GrabExpress are available through the same GrabTaxi mobile app.

“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 be used to further develop GrabTaxi’s technology offering as it continues to invest in expanding its engineering offices that now span over Singapore, Malaysia, Vietnam and Beijing.

Launched in 2012, GrabTaxi has continued its aggressive growth throughout Southeast Asia with presence in 26 cities across 6 countries, including Malaysia, Singapore, Indonesia, The Philippines, Thailand and Vietnam. GrabTaxi continues its explosive growth with over 110,000 drivers under its banner across Southeast Asia.

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