Tiger Global leads Series C round for GrabTaxi
Tiger Global Management has led a Series C round of funding for GrabTaxi, a Southeast Asian-focused taxi-booking mobile phone app.
New investor Hillhouse Capital Management and existing shareholders GGV Capital, Vertex Ventures and China online travel operator Qunar also participated.
The latest round brings the taxi app's total funding in the past 12 months to $90 million. Vertex Ventures, a unit of Temasek Holdings, led the Series A in April. The following month GGV and Qunar provided more than $15 million in Series B funding.
GrabTaxi - known in Malaysian as MyTesi - was set up in Malaysia in 2012 by two Harvard Business School graduates.
The app allows users book taxis operated by any provider, identifying which cars are nearest and which are the most reliable, based on variables such as distance, amount of traffic and customer feedback. The company expanded into Singapore last year and now also operates in Thailand, Vietnam, Indonesia and the Philippines. It covers 16 cities across these five countries.
The app has been downloaded onto over 2.1 million mobile devices, with more than 400,000 active monthly users.
Adelene Foo, general manager of GrabTexi, said in a press conference that the new capital will be used to continue GrabTaxi's regional expansion, as well as to improve service standards. In particular, she mentioned that a large part of the funding will be earmarked for improving driver welfare.
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