Reuters Insider - Uber Rivals In Asia Get Big Money

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19/08/2015 08:00

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 https://insider.thomsonreuters.com/link.html?cn=share&cid=1469404&shareToken=MzpjZDBiNjdlOC1kNTJlLTRiOWUtYjlkYi01YTUxZTc0YWI1ZjE%3D&playerName=ReutersNews 
                                                                       
 Source:             Thomson Reuters                                   
                                                                       
 Description:        A range of big investors including China’s        
                     sovereign-wealth fund are backing Uber’s rivals in 
                     Asia. WSJ’s Rick Carew reports on the latest      
                     fundraising by Singapore’s GrabTaxi. Photo:       
                     GrabTaxi                                          
 
 
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 Short Link:  http://reut.rs/1USc0iB  
 
 
Transcript (May be auto-generated)

                 China's $750 billion sovereign wealth fund, China Investment Corp., is doubling 
down on ride-hailing in Asia. The latest start-up to attract funding from China 
Investment Corp. is Singapore-based GrabTaxi. CIC is participating in GrabTaxi's
nearly $400 million fund raising that values the start-up at between $1.6 
billion and $1.8 billion. That comes after CIC agreed to put money into Chinese 
ride-hailing start-up Didi Kuaidi. Local Asian start-ups from Beijing to 
Bangalore are seeking to compete with global industry leader Uber. Uber has been
a fundraising powerhouse and investors have valued the Silicon Valley start-up 
at over $50 billion in its latest fundraising round. Got a quick errand? Get a 
low cost UberX. GrabTaxi was founded by Malaysian Anthony Tan who hatched the 
idea for the company while he was a student at Harvard Business School in 2011. 
He returned to Asia to found the company in 2012, and it now operates in 22 
cities across six countries including Indonesia and the Philippines. The 
Singapore-based start-up has made a point to cater to some of the unique 
features of Southeast Asia. For example, the company has launched a service 
GrabBike in Vietnam, Indonesia, and Thailand to cater to local markets by 
offering motorcycle taxis. Stay tuned to the Wall Street Journal for our 
continuing coverage of Asia's fast growing start-ups and the financial backers 
who are betting big on their future