Southeast Asian Uber rival GrabTaxi raises $350 million from Chinese investors

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Ride-hailing app GrabTaxi received $350 million from a pool of Chinese investors that includes China’s state-owned China Investment Corporation and Didi Kuaidi, the largest taxi-hailing app service in China.

GrabTaxi was founded in Malaysia as MyTeksi in 2011, and is now headquartered in Singapore. It rivals Uber in Southeast Asia, and operates in countries like Singapore, Indonesia and the Philippines.

See also: Ethically, is Uber a better choice than a taxi?

This funding injection brings GrabTaxi’s total funding to $700 million, said the company. It got $250 million from Japanese telecom firm Softbank in December 2014. Read more…

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