SoftBank Internet and Media is investing US$250 million in GrabTaxi, making it the largest investor in the company. Launched in 2012, GrabTaxi has grown to become the largest and most widely used mobile taxi booking application provider in Southeast Asia. Developed to solve two main issues in the taxi industry – create safer and more reliable rides for passengers as well as improve drivers’ livelihoods GrabTaxi currently serves 17 cities across 6 countries in Southeast Asia, including Malaysia, Philippines, Thailand, Singapore, Vietnam and Indonesia.
The app boasts over 2.5 million downloads with 500,000 users per month, and is being adopted by tens of thousands of taxi drivers to receive bookings in Malaysia, Philippines, Thailand, Singapore, Vietnam and Indonesia, according to a statement by the company.
Through this strategic investment and partnership with GrabTaxi, Softbank aims to further build the SoftBank Group’s presence in Southeast Asia and maximize synergies with its network of Internet companies around the world.
Nikesh Arora, Vice Chairman of SoftBank Corp. and CEO of SIMI
In two short years, GrabTaxi has become the dominant player in Southeast Asia’s mobile taxi booking industry, which is a testament to Anthony’s outstanding leadership. We look forward to working with his talented team and supporting GrabTaxi’s further expansion in the region.
Anthony Tan, GrabTaxi Founder and Group CEO
We are very excited to end a stellar year of growth with this record funding from the global powerhouse SoftBank. We are thankful that they believe in us and we will leverage SoftBank’s expertise and group synergies to further accelerate our growth. This new round of funding will help drive our mission of revolutionizing and improving the way Southeast Asians commute more aggressively than ever before.
