Singapore-headquartered taxi-booking app GrabTaxi Holdings Pte Ltd has completed US$350 million series E round of financing from China’s Didi Kuaidi, China Investment Corporation, existing investor Coatue Management LLC and others, according to a company announcement.
The Southeast Asian company says it will use the proceeds to expand its booking services and invest in technology.
Founded in 2012, GrabTaxi has raised around US$700 million in previous funding rounds.
It serves 26 cities across six countries in Southeast Asia, including Singapore, Malysia, Vietnam, Indonesia and Thailand. Its platform has 110,000 registered drivers of taxis, private cars and motorbikes.
Just two weeks ago, it was reported that CIC has made an undisclosed investment in Didi Kuaidi.
In April, U.S. hedge fund Coatue Management reportedly acquired a stake in Didi Kuaidi for approximately US$600 million.