GrabTaxi closes Series A round to conquer Southeast Asia

By VCPOST Staff Reporter

Apr 08, 2014 08:16 AM EDT

GrabTaxi is preparing for its expansion across Southeast Asia. The Malaysian taxi app has reportedly raised more than $1 million in its Series A funding round. Singaporean state-owned firm Vertex Ventures backed the said round, according to TechCrunch.

Founder Anthony Tan said: "We are all fighting to move people from taking taxis on the street, from streets hails to e-hails. Our challenge is convincing people to move from street hailing to call centers, from SMS all the way to an app,"

GrabTaxi attracts customers by focusing on the convenience of public transport and safety for women especially at night. The app shows riders the nearest available and most reliable taxi drivers, including factors such as distance, ranking, and traffic. Riders are able to track the vehicle's movement and rate the driver through the app. The company earns money by charging a small booking fee, the report explained.

In home country, Malaysia, GrabTaxi is called MyTeksi. Since its 2012 launch, the company has already expanded to Singapore, Vietnam, and Thailand. The new capital will be used to open more offices in new cities, such as Cebu in the Philippines. GrabTaxi currently has 250,000 users every month, TechCrunch reported.

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