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By Me Last Week: GrabTaxi Is Becoming Grab

2016 02 01 grab

The story begins:

Uber Technologies Inc.’s main rival in Southeast Asia wants people to know that it—like the San Francisco, Calif. startup—offers not just taxis, but private cars.

Singapore-based GrabTaxi Holdings Pte. Ltd. said Thursday it is shortening its name to simply Grab. The goal: to highlight that in addition to allowing users to book taxis in 28 cities across Singapore, Indonesia, Malaysia, Thailand, the Philippines and Vietnam, it also offers newer services like private cars—not to mention car pooling and even motorbike rides.

The re-branding comes as competition heats up for new users in the populous region. The U.S.’s Lyft Inc. in December said it was teaming up with GrabTaxi — er, make that Grab — and ANI Technologies Pvt. Ltd.’s Ola in India to permit users of each app to hail rides from drivers of the other apps while traveling abroad. That gives the alliance more leverage to compete against Uber, a global titan that has expanded its ride sharing platform, which includes private cars and taxis in some markets, to more than 370 cities across 68 countries since launching in the U.S. in 2010.

By Me Yesterday: Lyft Teams up with India’s Ola and Singapore’s GrabTaxi

The story begins:

The international alliance of Uber Technologies Inc.’s ride-hailing competitors is growing stronger.

San Francisco startup Lyft Inc. confirmed Thursday it is teaming up with Southeast Asia’s GrabTaxi Holdings Pte. Ltd. and India’s Ola to allow users of each app to hail rides from drivers of the other apps while they are traveling to the other country. Lyft and Chinese startup Didi Kuaidi Joint Co. announced a similar arrangement in September, when the Journal also reported that they were in talks with GrabTaxi and Ola.

Each service will collect payments from its own users in their native currency so that, for example, Indian visitors to the U.S. can open their Ola app to order and pay for rides on Lyft, after which Ola will remit that money to Lyft. The companies said the connected system will go live in the first quarter of next year.

The alliance will connect four services in nine countries, potentially bolstering the competitive field against the much larger Uber. Now in 350 cities around the world, Uber is currently raising up to $2.1 billion more in funding at a valuation as high as about $65 billion, according to a document reviewed by the Journal.

 

Exclusive by Me and a Colleague Yesterday: GrabTaxi Raises New Funds

The story begins:

More cash is pouring into the increasingly competitive ride-hailing business in Asia, fueling local competitors to global market leader Uber Technologies Inc.

Southeast Asia-focused ride-hailing app GrabTaxi is getting an infusion of over $200 million in fresh capital in its latest fundraising round led by U.S. hedge fund Coatue Management LLC, according to a person familiar with the situation. The investment values the company at over $1.5 billion including the fresh capital from the latest fundraising, according to the person.

Existing investors in the company, including Japan’s SoftBank Group Corp. and Tiger Global Management LLC, are also participating in the round, the person said. It is possible that GrabTaxi could increase the size of the round with the inclusion of additional investment in coming weeks, the person said.

GrabTaxi is among a crop of local competitors in Asia that have sprung up to battle with global ride-hailing market leader Uber across the region. Local competitors in Asia include China’s Didi Kuaidi, which is raising $2 billion in funding, India’s Ola and Easy Taxi. Uber itself is raising funds specifically for its China unit.

By Me Today: GrabTaxi’s Splashing the Cash New R&D Center, More Staff

The story begins:

Southeast Asia-focused Taxi booking app GrabTaxi says it’s about to splash the cash, mostly on new hires.

The Singapore-based company said Wednesday it will spend $100 million over the next five years on a new research and development center in the city-state, with a “significant portion” of that sum going to lure talent.

GrabTaxi, which launched in 2012 and operates in 20 cities across six countries, said in December it secured a $250 million investment from Japanese telecommunications and Internet giant SoftBank.

That brought its total funding nearly $340 million, with its valuation as of December reaching $1 billion, according to data from The Wall Street Journal and Dow Jones VentureSource.

Among the new hires GrabTaxi says it has recently made are Kevin Lee, who was head of Asia for U.S. data mining software company Palantir Technologies. Another is Arul Kumaravel, who previously held a senior engineering role Amazon.com.

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