Didi-Kuaidi has participated in the latest financing round of the largest taxi hailing app in Southeast Asia, GrabTaxi for an unspecific amount of funding.
Established in Malaysia in 2012 by Anthony Tan, GrabTaxi is the most successful startup in Southeast Asia and the most popular taxi app in the region. GrabTaxi currently operates in 21 major cities in Malaysia, Singapore, Thailand, Indonesia, the Philippines and Vietnam and has over 60,000 active drivers servicing 300,000 users daily.
Japan-based Softbank Group became GrabTaxi’s first major investor with a US$250 million investment in December 2014, bringing the startup’s estimated value up to around US$1 billion.
Last week Didi-Kuaidi said it has raised more than the targeted US$1.5 billion funding thanks to demand from investors, and observers estimate its value at US$15 billion.
Previously Didi-Kuadi was rumored to have met CAR Inc and worked out the key terms for an acquisition of the car rental giant since last month. Didi-Kuaidi confirmed in its official homepage that it planned a market investment and acquisition but claimed it had not formally met CAR Inc as rumored.
If the investment in GrabTaxi is successful, it will be a major step towards globalization for Didi-Kuaidi. Earlier, it was reported that Didi-Kuaidi is now recruiting talent for its planned RD center in the USA and eventual entry into the US market. By forming a partnership with GrabTaxi, Didi-Kuaidi will gain a foothold to penetrate the SEA market as well.(Translation by David)
