Launched in 2012, GrabTaxi is present in 26 cities in Southeast Asia, including Malaysia, Singapore, Indonesia, the Philippines, Thailand and Viet Nam. — Photo genk

HCM CITY (Biz Hub) — GrabTaxi, Southeast Asia's largest taxi-booking app, has announced that it has received more than US$350 million from US-based Coatue Management, China Investment Corporation, and Didi Kuaidi, China's biggest taxi app firm.

The injection brings GrabTaxi's total funding to $700 million, making it one of the best-funded apps in Southeast Asia, according to the company.

"This investment is not only a statement on GrabTaxi's dominance in the region, but also the growth potential of Southeast Asia on a global level," said Anthony Tan, chief executive and co-founder of GrabTaxi.

Launched in 2012, GrabTaxi is present in 26 cities in Southeast Asia, including Malaysia, Singapore, Indonesia, the Philippines, Thailand and Viet Nam, with more than 111,000 drivers in the region using the app. — VNS