Taxi-booking app GrabTaxi just raised $350 million

Taxi-booking app GrabTaxi said it raised over $US350 million from investors including China’s sovereign wealth fund China Investment Corporation, in the Southeast Asian company’s largest ever fundraising round.

Other investors include hedge fund Coatue Management LLC and China’s mobile car-ride hailing company Didi Kuaidi, said GrabTaxi, which competes with Uber Technologies Inc.

GrabTaxi, which counts Japanese telecoms firm SoftBank Corp and a unit of Singapore state investor Temasek Holdings as shareholders, has raised a total of about $US700 million after the latest fundraising.

Read the original article on Reuters. Copyright 2015. Follow Reuters on Twitter.

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