Didi Kuaidi hails Malaysia鈥檚 GrabTaxi
Print Edition
China鈥檚 largest taxi-hailing application Didi Kuaidi yesterday said it has invested US$350 million in Malaysia-based taxi-booking app GrabTaxi Holdings together with venture capital firms and China Investment Corp.
The other investors include GGV Capital, Coatue Management and existing shareholders, according to an e-mail statement yesterday.
The investment will be used to help GrabTaxi expand into new markets such as courier service as well as to further develop its technology capacity.
Liu Qing, president of Didi Kuaidi, said the company plans to share data mining capability and business operating experience with GrabTaxi while the latter鈥檚 experience in Southeast Asia will help Didi Kuaidi鈥檚 overseas expansion.
GrabTaxi, which has data centers in Singapore, Malaysia, Vietnam and Beijing, operates in 26 cities in six countries and has diversified its services to include private cars and motorbikes.
鈥淒idi Kuaidi is the leading player in China with strong multi-product experience and we look forward to working with our peer in China and leverage each other鈥檚 experience,鈥 GrabTaxi Chief Executive Officer and co-founder Anthony Tan said in a statement.
Cheryl Goh, GrabTaxi鈥檚 vice president of marketing, said it has no plans to be acquired by Didi Kuaidi, according to an interview with tech news website Techcrunch.com yesterday.
Didi Kuaidi raised US$2 billion in July from new and existing shareholders after Didi and Kuaidi merged in February.
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