Taxi-Booking App GrabTaxi Secures Series A Funding.
Third-party Asia-focused on demand taxi hailing service known as GrabTaxi has recently raised Series A investment led by a Singapore-based Vertex Venture Holdings, along with a group of angel investors from Malaysia. The terms behind the deal have not been disclosed at the time being, but they company has told sources that the investment is an USD “eight-figure-amount”.
Local media has reported the funding to be a total of $10 million, but GrabTaxi has announced it as “inaccurate”.
This recent funding will be used to hire new employees, strengthen its presence into existing markets and expanding into new markets within the Southeast Asia.
Utilizing GrabTaxi’s mobile application allows customers to browse for the nearest available taxi, requesting for said taxi to pick them up, interacting with the driver, know the estimated amount of fare for a trip, and even rate the drivers service. At the moment, the company only has its services working within, Vietnam, Philippines, Singapore, Thailand and Malaysia.
Founder and CEO of GrabTaxi, Anthony Tan, says: “From our humble beginnings, GrabTaxi has become the largest and most widely used taxi booking mobile app in the region. In fact, we have fifteen times more booking volume than our nearest competitors. “Our own regional survey showed that we’re at the top of our consumer’s minds. More than 50% of them aren’t aware of any other service available except for GrabTaxi.”
GrabTaxi had declined to comment once asked about its competitors, Although, said competitors of GrabTaxi around the region include, EasyTaxi, MoobiTaxi, TaxiMonger, and Uber. The company’s ‘share your ride’ feature will allow passenger to share the detail behind the trip through the use of social media or messaging applications with friends and family. The company has claimed that this feature is for extra security for its passengers.
Tan adds: “It is our policy to suspend any drivers and passengers found guilty of wrongdoings upon thorough investigation. Our stakeholders are always pleasantly surprised when we call them to say that action has been taken.”
According to the company, drivers who are under the GrabTaxi network have managed to gain a 30% to 300% increase of revenue. The company went on to claim that booking a taxi happens with GrabTaxi system happens every two second.
Originally founded back in 2011, the company has managed over 20,000 drives for its system, 250,000 monthly users, and its mobile application has been downloaded over more than a million times.