GrabTaxi Hails $250M to Accelerate Expansion in Asia
December 05, 2014
SoftBank has provided $250 million in equity funding to GrabTaxi, a Southeast Asian taxi-hailing service. Funds from the investment will be used to accelerate expansion of the service throughout the region; GrabTaxi currently operates in 17 cities across Singapore, Malaysia, Thailand, Vietnam, Indonesia and the Philippines. Founded in 2012, the company has now raised $340 million in VC financing, including a $65 million Series C round that closed less than two months ago. The new investment reportedly comes with a valuation near $1 billion. Previous backers include GGV Capital, Tiger Global Management and Vertex Venture Management, among others.