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2014-12-04

Japan\'s SoftBank invests $250 million in Uber rival GrabTaxi

The deal will make Softbank the biggest investor in the Malaysia-based start-up.

Japanese telecom giant SoftBank has said that it will make an investment of $250 million in Southeast Asian mobile taxi booking app GrabTaxi, according to a PTI report.

Concerned spokesperson from SoftBank and GrabTaxi said that the deal will make Softbank the biggest investor in the Malaysia-based start-up.

“This new round of funding will help drive our mission of revolutionising and improving the way Southeast Asians commute more aggressively than ever before,” Anthony Tan, CEO and founder, GrabTaxi said in the statement.

GrabTaxi has its global presence in Singapore, Malaysia, Thailand, Vietnam, Indonesia and the Philippines. The app also allows users to get connected with registered taxis available in their close vicinity with the help of smartphone and satellite technology.

GrabTaxi claims that it has the largest network in Southeast Asia, with more than 500,000 active users and 2.5 million app downloads till date. It currently has a total of 60,000 taxi drivers in its network, up four-fold from 2013.

In total along with the investment of Softbank, GrabTaxi has raised $340 million in the past 14 months
With the SoftBank investment, GrabTaxi has raised $340 million in the past 14 months, it added. The company was founded in 2012 by Tan, the scion of one of Malaysia’s richest families.

Nikesh Arora, Vice Chairman, SoftBank told PTI that it would support GrabTaxi’s further expansion in the region.

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