Taxi booking app provider GrabTaxi secured US$90m in past 12 months

The GrabTaxi app on a smartphone. GrabTaxi is a third-party taxi booking application which commuters can download onto their phones. -- PHOTO: ST FILE
The GrabTaxi app on a smartphone. GrabTaxi is a third-party taxi booking application which commuters can download onto their phones. -- PHOTO: ST FILE

SINGAPORE - Taxi-booking app provider GrabTaxi has secured US$90 million ($127 million) in funding in the past 12 months.

The company says the latest tranche of venture capital is led by US-based Tiger Global Management, but would not say how much it was worth.

But based on its two previous fundings earlier it secured this year - a US$15 million tranche led by Silicon Valley-based GGV Capital and a US$10 million parcel led by Temasek-owned Vertex Venture - the third tranche is worth $65 million.

GrabTaxi founder and chief executive Anthony Tan, who is part of Malaysia's Tan Chong family, said the funds will be used to "build talent".

"Because talent is what will ensure that we survive in the next 10 to 15 years," he said.

GrabTaxi started in Malaysia in 2011. It was launched in Singapore in October last year and is now present in 16 cities in South-east Asia, and caters to "two bookings every second".

It is among other tech start-ups that have attracted the attention of venture capitalists. Rival Easy Taxi has raised some US$100 million since it was started in Brazil three years ago. It launched its app in Singapore last December.