You’d be forgiven for thinking that the taxi app war is exclusively a US phenomenon, such is the fierce battle between Uber and Lyft, but similar rivalries are actually ongoing across other parts of the world. The battle is heating up in Southeast Asia today, after GrabTaxi — a Malaysia-headquarted company that is active in six countries — announced a $65 million investment round that it hopes will enable it to defeat Uber in Southeast Asia.
The company has been busy raising funding this year. This round is the third investment it has announced since April. Though undisclosed, GrabTaxi says it takes it to “approximately $90 million” in funding this year. Given that it raised around $10 million in April, and a further $15 million in May, this Series C round is around $65 million.
The round is led by new investor Tiger Global, with participation from existing investors Vertex Ventures, GGV and Chinese travel giant Qunar. Another new investor, Hillhouse Capital, also put into the round.Read More