GrabTaxi secures additional funding from Vertex Venture

Popular taxi booking app, GrabTaxi, has secured additional funding from Vertex Venture Holdings - a unit of Temasek Holdings. The app developer will be using the money to hire more data analytics specialists - to study passenger usage and traffic patterns - in addition to expanding its market.

According to The Straits Times, Anthony Tan - founder of the app - did not disclose the exact amount of investment, although he revealed it was an eight-figure sum. Mr. Tan is part of the Tan family that owns Tan Chong Motors - the local authorised agent of Nissan.

Mr. Tan told the media at a briefing at the M Hotel yesterday that the app is the most commonly used third-party taxi booking app in the five countries in which it operates.

The app has been downloaded more than a million times - with more than 20,000 cab drivers registered. 

A cab booking is made every two seconds and according to Mr. Tan, through the app, cab drivers can increase their earnings by between 30 and 300 percent monthly.

While not a major concern in Singpaore, Mr. Tan revealed the app also reduces some of the risk for female commuters when using a cab - as they can send text messages or e-mail their loved ones and friends to inform them they are safe and are arriving at their destination.

According to Vertex Chief Executive, Mr. Chua Kee Lock, Vertex initially invested in the start-up last September, and added it is providing additional funds because the start-up has proven itself. Mr. Chia went on to comment, "They've expanded so quickly since then and we've been impressed with Anthony, who is hungry to succeed and who wants to build a lasting enterprise."

According to the English daily, commuters generally can get a cab within a minute of activating the app. In addition, commuters can also view the number of cabs in the area, choose the closest available cab and monitor its progress. Furthermore, an estimated fare is provided as well.

GrabApp takes a three, five or seven percent commission depending on factors such as the distance of each ride and the time of day.