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GrabTaxi raises more than S$18m in latest round of funding

Taxi-booking mobile app developer will look to grow into new cities in South-east Asia using the capital raised.

SINGAPORE: GrabTaxi announced on Thursday (May 29) that it had raised over US$15 million (S$18.8 million) in its latest round of funding, led by Silicon Valley-based GGV Capital.

In addition, Mr Jixun Foo, Managing Partner in GGV Capital's Shanghai office, will join GrabTaxi's Board of Directors, GrabTaxi said in a statement.

The taxi-booking mobile app developer said that besides GGV Capital, other investors include Vertex Venture Holdings - a wholly-owned subsidiary of Singapore's Temasek Holdings - and Qunar, the Nasdaq-listed Chinese travel search site operator.

The company said the new capital from the Series B round of funding will support its "aggressive growth" into new cities in South-east Asia and extend its market reach through regional driver loyalty and retention programmes.

GrabTaxi is currently operating in Malaysia, the Philippines, Thailand, Vietnam and Singapore, with more than 20,000 taxi drivers registered with the company. Its app has been downloaded to more than 1.2 million mobile devices in over 15 cities in the region, according to the company.

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