GrabTaxi Holdings Pte Ltd., operator of Southeast Asia’s biggest ridesharing smartphone application, raised another $350 million in a new funding round that would give it added resources to expand in the region, including the Philippines.
The development comes as the Philippines’ Land Transportation Franchising and Regulatory Board begins regulating ride-sharing apps and as competition with one of its biggest rivals, Uber, heats up.
In a statement, GrabTaxi said on Thursday that the money was raised from global investors such as US-based Coatue Management, L.L.C., China’s sovereign wealth fund, China Investment Corp. and Didi Kuaidi, “apart from support from existing shareholders.”
This brings GrabTaxi’s total funding to about $700 million, making it one of the best funded startups in Southeast Asia.
GrabTaxi launched in Manila in July 2013 and later expanded into Cebu, Davao, Iloilo, Bacolod and Baguio. It is also present in Malaysia, Singapore, Indonesia, Thailand and Vietnam.
GrabTaxi said the money would be used to further develop its technology offering as it continues to invest in expanding its engineering offices.
GrabTaxi also plans to expand its private hire vehicle booking service, GrabCar, to as many as two more major cities in the Philippines this year, Natasha Bautista, head of Grabcar in the Philippines, said in a previous interview.
Figures provided by the company showed that GrabTaxi operates across six countries, with 101,000 registered drivers serving about 10 booking per second in Southeast Asia.
“We exist to solve the region’s transportation challenges. Diversifying into private cars and motorbikes has allowed us to touch people of varying income levels and commuting needs. We are the only app in the region that has such an extensive network and range of transportation choices,” Tan said in the statement.
GrabTaxi has diversified its offerings beyond taxis to include private cars and motorbikes.
GrabCar is a private hire vehicle service available in all countries where GrabTaxi is available. GrabExpress is an on-demand, same-day delivery service that is currently available in Manila. Both GrabCar and GrabExpress are available through the same GrabTaxi mobile app.