Leading Southeast Asian Taxi app, GrabTaxi, has pulled in $400 million USD in fresh funding from investors including sovereign wealth fund China Investment Corporation (CIC), who reportedly contributed an undisclosed amount to Chinese counterpart Didi-Kuaidi earlier this month. 

It’s not the first time that Didi Kuaidi and GrabTaxi have shared in the same investment family. At the end of last year SoftBank became GrabTaxi’s (then) largest investor, with a $250 million USD investment. SoftBank owns a 36.7% stake in Alibaba which in turn oversees half of the Didi Kuaidi partnership. The latest investment from CIC pulls the two companies under the same investment umbrella once again as they face off rivals including San Francisco-based Uber.

At the time, GrabTaxi CEO Anthony Tan told Technode that GrabTaxi had no ambition to enter the Chinese ecosystem for now, though he noted that success in the car app business hinged on a good relationship with the government.

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