GrabTaxi Receives $15 Million Series B Funding By GGV Capital.
The Taxi-calling application that boast to be one of the largest within the Southeast Asian territories, GrabTaxi’s has recently announced that it has managed to raise a total of $15 million Series B funding, which was led by GGV Capital with participation from Qunar and returned investors Vertex Venture Holdings.
The latter had previously led GrabTaxi’s Series A round, which was announced during the past month, though the amount still remained to be undisclosed, however, CEO Anthony Tan stated that it was more that $10 million. GGV Capital managing partner Jixun Foo shall also be joining GrabTaxi’s board of directors.
While GrabTaxi has some fierce competition within the same industry as Uber and Rocket Internet’s own EasyTaxi, both of which are also aiming for Southeast Asia, Tan had told TechCrunch, that during the previous month the demands within cities for Singapore and Bangkok had reached some highly positive supports from several taxi-calling startups.
During a statement, GrabTaxi said its Series B round shall be used to continue GrabTaxi’s growth towards new cities within Southeast Asia, as well as driver loyalty and retention programs. At the moment, it operates under Malaysia, Thailand, Vietnam, the Philippines and Singapore, with approximately 20,000 drivers already registered. The started commented that the application has received a total of 1.2 million downloads and more than 250,000 passengers in 15 cities have used the application at least once a month to call for a cab.
In a statement, Foo said “We are excited about working with Anthony and his team. Their focus and understanding of local markets will fuel their success and provide competitive advantage. For example, Uber will not be ‘Uber for Asia’ — it will be companies like GrabTaxi for Southeast Asia or Didi in China.”