Malaysia-headquartered taxi app, GrabTaxi has closed USD 65 million in Series C funding round led by new investor Tiger Global, with participation from existing investors Vertex Ventures, GGV and Chinese travel company Qunar. Recently, the company had raised USD 15 million in Series B and an undisclosed amount in Series A funding round. Till date, including this round Grabtaxi had secured USD 80 million in 3 rounds from 5 investors.
The raised funds are expected to be used to increase the competition with Uber in Southeast Asia. GrabTaxi CEO Anthony Tan told TechCrunch that: “Uber’s emergence within the region has opened the doors for us to strive for the better. The introduction of the GrabTaxi app was the initial phase of disruption for the taxi industry. Taxi drivers have been stuck in the rut for the longest time but Uber’s rise has helped us to push taxi drivers to take them to the next level. We’ve opened their eyes and ears for them to improve themselves and their service to remain relevant. We never rest on our laurels and say we’ve done enough. That is not something GrabTaxi will ever do. My team and I are constantly challenging ourselves to be able to remain the largest and most dominant player in this region.”
He also said that the new funds will be spent hiring “great talent in order us to best in the region and a world-class app”, improving driver loyalty programs and the service generally for GrabTaxi drivers, and general grow and expansion.
Currently, the firm operates in 16 cities across Malaysia, Singapore, Thailand, Vietnam, the Philippines, Indonesia and also plans to expand its service to a new city before the end of this month. The GrabTaxi app has been downloaded more than 2.1 million times. It sees over 400,000 monthly active users, and claims a network of more than 50,000 drivers.
The other player in this space is Lyft, which raised USD 250 million earlier this year to expand into global markets.