Mobile phone application GrabTaxi recently announced that it has raised more than US$15 million in a series B funding, which was led by venture capital firm GGV Capital, with participation from new investor Qunar, and Vertex Venture Holdings.
According to its media statement, the funding will be used to help accelerate GrabTaxi’s growth in the Southeast Asia region. It will also be used for social initiatives aimed at improving the welfare of taxi drivers while building loyalty and retention, which will be rolled out in stages in the next quarter.
“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 GrabTaxi,” said Anthony Tan, founder and Group CEO of GrabTaxi. “This funding will drive GrabTaxi closer towards their ultimate goal of changing the way 600 million people move in Southeast Asia.”
The GrabTaxi app has been downloaded onto more than 1.2 million mobile devices in over 15 cities in the region; and in the previous month alone, they experienced a 38 percent increase in the number of rides on the GrabTaxi network.
As a way of thanking their users and celebrating the Series B funding, GrabTaxi Singapore is having a ‘GrabTaxiRide Day’ for all new GrabTaxi users in Singapore. Users who book a ride with GrabTaxi Singapore on June 9 will be rewarded with a free taxi ride capped at S$15.
Existing GrabTaxi users can look forward to winning attractive prizes when they make bookings in June. These upcoming promotions will be announced on the GrabTaxi Singapore Facebook page.
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