As Uber comes under fire both at home and abroad, Alibaba’s largest investor SoftBank has spent US$250 million in the taxi-app GrabTaxi, adding the South-East Asian front runner to a portfolio which already includes both China and India’s strongest taxi-app competitors.

The deal makes SoftBank the biggest investor in GrabTaxi, which now spans six countries in Southeast Asia including Singapore, Malaysia, Vietnam, Thailand, Indonesia and the Philippines. They now claim to have 500,000 active users from 2.5 million downloads, while CEO and cofounder Anthony Tan told Technode his goal is to have a “few hundred million people use the app each day”.

SoftBank holds a 36.7% stake in Alibaba Group, making them its largest investor. In turn, Alibaba has backed one of China’s taxi-app front-runners, Kuaidi Dache, which boasts over 150 million users in 350 cities.

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

What you get

Full access to all premium content and our full archives

Members'-only newsletters

Preferential access and discounts to all TechNode events

Direct access to the TechNode newsroom

Start your free trial now.

Get instant access to all our premium content, archives, newsletters, and online community.

Monthly Membership

Yearly Membership

Cate Cadell

Cate is a tech writer. She worked as a journalist in Australia, Mongolia and Myanmar. You can reach her (in Chinese or English) at: @catecadell or catecadell@technode.com