KUALA LUMPUR, Aug 20 — GrabTaxi Holdings Pte Ltd, known as MyTeksi in Malaysia, has received over US$350 million in additional funds, making it one of the best funded startups in Southeast Asia.
In a statement today, GrabTaxi said the funds were from Coatue Management LLC, a US investment firm that invests in technology worldwide.
“Coatue also invests in China’s sovereign wealth fund China Investment Corporation and China’s largest one-stop transportation network Didi Kuaidi, with support from existing shareholders.
“This has brought GrabTaxi’s total funding to US$700 million.
“The 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,” said GrabTaxi Group Chief Executive Officer and Co-Founder, Anthony Tan.
Tan said the funds would be used to grow its offerings beyond taxis and to include private cars and motorcycles known as GrabCar and GrabBike.
“Diversifying into private cars and motorcycles will allow us to touch people of varying income levels and commuting needs.
“The funds will also be used to develop our technology and to expand our engineering offices in Singapore, Malaysia, Vietnam and China,” he said.
Launched in 2012, GrabTaxi has a presence in 26 cities in Malaysia, Singapore, Indonesia, the Philippines, Thailand and Vietnam with over 110,000 drivers under its banner in Southeast Asia. — Bernama