Not long after it invested in China’s largest ride-hailing app, Didi-Kuaidi, China’s ginormous sovereign wealth fund has set its sights on another Uber rival, and this time, it’s from Singapore.
According to Reuters, Singapore’s GrabTaxi, one of Southeast Asia’s fastest-growing e-hail apps, has just completed a $350 million funding round participated by none other than China’s $600 billion sovereign wealth fund, the CIC.
New York’s Coatue Management also joined the round, as well as the aforementioned Didi-Kuaidi, which appears to be hell-bent on stamping Uber out of Asia.
As with Didi-Kuaidi’s funding round, how much the CIC or Coatue invested in the company was not revealed, though it is known that they’ll be joining two other giants – SoftBank and Temasek Holdings – among the start-up’s investor list.
How much the round valued the company is also unclear, but judging from the $700 million that GrabTaxi has raised so far, it’s probably still a long way from Uber’s startling $50 billion proposed valuation.
Photo: Tech in Asia