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Taxi app GrabTaxi raises US$350m from CIC, investors

[SINGAPORE] Taxi-booking app GrabTaxi Holdings Pte Ltd said it raised over US$350 million from investors including China's sovereign wealth fund China Investment Corporation, in the Southeast Asian company's largest ever fundraising round.

Other investors include hedge fund Coatue Management LLC and China's mobile car-ride hailing company Didi Kuaidi, said GrabTaxi, which competes with Uber Technologies Inc.

GrabTaxi, which counts Japanese telecoms firm SoftBank Corp and a unit of Singapore state investor Temasek Holdings as shareholders, has raised a total of about US$700 million after the latest fundraising.

REUTERS