SINGAPORE & SAN CARLOS, Calif.--(BUSINESS WIRE)--SoftBank Internet and Media, Inc. (“SIMI”) and GrabTaxi Holdings Pte Ltd (“GrabTaxi”) today announced a definitive agreement under which SoftBank Corp. will invest US$250 million in GrabTaxi, making it the largest investor in GrabTaxi.
Launched in 2012, GrabTaxi has grown to become the largest and most widely used mobile taxi booking application provider in Southeast Asia. Developed to solve two main issues in the taxi industry – create safer and more reliable rides for passengers as well as improve drivers’ livelihoods – GrabTaxi currently serves 17 cities across 6 countries in Southeast Asia, including Malaysia, Philippines, Thailand, Singapore, Vietnam and Indonesia. Through this strategic investment and partnership with GrabTaxi, SIMI aims to further build the SoftBank Group’s presence in Southeast Asia and maximize synergies with its network of Internet companies around the world.
Nikesh Arora, Vice Chairman of SoftBank Corp. and CEO of SIMI said, “In two short years, GrabTaxi has become the dominant player in Southeast Asia’s mobile taxi booking industry, which is a testament to Anthony’s outstanding leadership. We look forward to working with his talented team and supporting GrabTaxi’s further expansion in the region.”
Anthony Tan, GrabTaxi Founder and Group CEO said, “We are very excited to end a stellar year of growth with this record funding from the global powerhouse SoftBank. We are thankful that they believe in us and we will leverage SoftBank’s expertise and group synergies to further accelerate our growth. This new round of funding will help drive our mission of revolutionizing and improving the way Southeast Asians commute more aggressively than ever before.”
GrabTaxi’s mission is to revolutionise the taxi industry in Southeast Asia. As the runner-up in the 2011 Harvard Business School Business Plan Contest, its core product is a taxi-dispatch service with GPS-enhancements, allowing passengers to hail the nearest taxi with extreme ease. Since its founding in 2012, tens of thousands of taxi drivers have been using the GrabTaxi smartphone-based technologies to receive bookings in Malaysia, Philippines, Thailand, Singapore, Vietnam and Indonesia. With over 2.5 million downloads of the GrabTaxi mobile app around the region and with 500,000 users per month, GrabTaxi has become the market leader in Southeast Asia. Passengers can download the app to book taxis on their smartphones and tablets (iOS: http://bit.ly/grabtaxi-iOS, Android: http://bit.ly/grabtaxi-Android and Blackberry: http://bit.ly/grabtaxi-blackberry. For more information, please visit: http://www.grabtaxi.com.
About the SoftBank Group
The SoftBank Group comprises SoftBank Corp. (TSE:9984) and its subsidiaries and associates that offer a comprehensive range of advanced mobile communications, fixed-line communications and Internet services around the world. With Sprint joining in July 2013, the SoftBank Group became a leading global carrier that now has over 100 million subscribers. Maximizing synergies across its Group companies worldwide, SoftBank aspires to realize lifestyle innovation through IT. The SoftBank Group is also encouraging the adoption of clean and safe energy through its business activities. To learn more, please visit http://www.softbank.jp/en/corp/