GrabTaxi invests US$100m in Singapore R&D centre
MOBILE phone transport app GrabTaxi will invest US$100 million over a few years in its first research and development (R&D) centre in Singapore.
Most of the US$100 million investment will be used to hire talent from across the world to join the GrabTaxi team.
The 4,500 sq ft technology centre, located in the heart of Singapore's bustling Central Business District, will be headed by Wei Zhu, GrabTaxi's chief technology officer (CTO), who was formerly head of the Facebook engineering team that developed Facebook Connect.
It will eventually house 200 engineers and data scientists, which is a specialised role focused on analysing data and spotting trends from multiple data sources.
"This US$100 million investment over a few years is a milestone for Southeast Asian startups as very few brands - local or regional - have made such a significant investment in technology infrastructure and talent based out of Singapore,'' GrabTaxi said in a release.
GrabTaxi has recently hired senior talent from companies like Facebook, Amazon and Palantir Technologies, to tap on their experience and expertise.
Founder and group CEO Anthony Tan said Singapore was a logical choice for its hub due to the country's strong existing infrastructure and conducive business environment "to build and develop this global pool of talent".
GrabTaxi has over 3.8 million downloads and over 75,000 vehicles under its network across the region. It claims to have more than seven bookings made every second using the GrabTaxi app.
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Transport & Logistics
Porsche posts Q1 profit drop on ramp-up costs
Air China orders homegrown C919s in challenge to jet duopoly
Huawei’s smart car tech offers automakers route to China sales
Sri Lanka to hand management of China-built airport to India, Russia companies
Tesla’s plan for affordable cars takes page from Detroit rivals
Toyota is investing US$1.4 billion to build another all-electric SUV in US