GrabTaxi Holdings Pte Ltd (GrabTaxi) and SoftBank Internet and media, Inc (SIMI) announced today a US$250 million (S$328 million) investment deal in Grab Taxi by SoftBank Corp, making it the largest investor in GrabTaxi.
Through this investment and partnership with GrabTaxi, the SoftBank Group said that it aims to further build its presence in Southeast Asia (SEA) and maximise synergies with its network of Internet companies worldwide.
Anthony Tan, GrabTaxi founder and Group CEO said that he will leverage SoftBank's expertise and group synergies across their mobile and Internet platforms to further accelerate the taxi booking company's growth.
"This new round of funding will help drive our mission of revolutionising and improving the way Southeast Asians commute more aggressively than ever before," he added.
With the total investment in the last 14 months amounting to almost US$340 million (S$446 million), GrabTaxi said that it is leading the region in terms of funding and growth.
"Growth remains a key focus for GrabTaxi and we now have a considerable war chest to accelerate our rapid expansion in SEA," commented Cheryl Goh, GrabTaxi Group VP of Marketing. "Our strong focus in this region also means that each of six GrabTaxi markets stands to receive a significant portion of funding compared to larger players that have to stretch their funding much further."
Launched in 2012, GrabTaxi currently serves 17 cities across six countries in SEA, including Malaysia, Philippines, Thailand, Singapore, Vietnam and Indonesia.
Sign up for CIO Asia eNewsletters.