<article>Singapore-based <a href="dealstreetasia.com/tag/grabtaxi" target="_blank">GrabTaxi</a> has secured $400 million in a private equity funding round led by <a href="http://www.china-inv.cn/wps/portal/!ut/p/a1/jZJPc4IwEMW_SnvwSLNAJHCk4J_Y0jpVB-GSCbpqZjQ4YD346RuxV6M5ZTO_l_eSXVKSJSm1PKutPKlay_21LgPxBQG4yQwmkMVDiEMYZN_-hH-EfQMUdwFvRD2rfkj_9ckoHlP2CQA09ICn7-OURRkAD57Tw50Vw6P8hdGze0ACPpmRkpR5kokpJ4V7LXQrrBLR0Q2eVf3bTuUWZ-qCbz5bsaryNk7fr1yHMuo5FWXo-OE67LModDcBMwadQzI3z-rBaqe0dJQ-vxzr5iT3PdjVBxSoe5ANUh53O2PUtuIH9yhbbM3R8xFNtCdjeSS_Xmv5yoTZgdHcDtxmpQNsw9ABlm7nj9qZN6jX2JDjYbFYXuZYXbCKuOIii1__AGF3JMc!/dl5/d5/L3dHQSEvUUtRZy9nQSEh/" target="_blank">China Investment Corporation (CIC)</a>, China’s sovereign wealth fund.</article>

Singapore-based <a href="dealstreetasia.com/tag/grabtaxi" target="_blank">GrabTaxi</a> has secured $400 million in a private equity funding round led by <a href="http://www.china-inv.cn/wps/portal/!ut/p/a1/jZJPc4IwEMW_SnvwSLNAJHCk4J_Y0jpVB-GSCbpqZjQ4YD346RuxV6M5ZTO_l_eSXVKSJSm1PKutPKlay_21LgPxBQG4yQwmkMVDiEMYZN_-hH-EfQMUdwFvRD2rfkj_9ckoHlP2CQA09ICn7-OURRkAD57Tw50Vw6P8hdGze0ACPpmRkpR5kokpJ4V7LXQrrBLR0Q2eVf3bTuUWZ-qCbz5bsaryNk7fr1yHMuo5FWXo-OE67LModDcBMwadQzI3z-rBaqe0dJQ-vxzr5iT3PdjVBxSoe5ANUh53O2PUtuIH9yhbbM3R8xFNtCdjeSS_Xmv5yoTZgdHcDtxmpQNsw9ABlm7nj9qZN6jX2JDjYbFYXuZYXbCKuOIii1__AGF3JMc!/dl5/d5/L3dHQSEvUUtRZy9nQSEh/" target="_blank">China Investment Corporation (CIC)</a>, China’s sovereign wealth fund.
Citing an executive familiar with the deal, the Wall Street Journal <a href="http://www.wsj.com/articles/china-sovereign-wealth-fund-hitches-a-ride-with-uber-rival-grabtaxi-1439536142" target="_blank">reported</a> that the new fundraising round values GrabTaxi at between $1.6 billion and $1.8 billion, post- funding.
This follows a $200 million investment it secured in July in a round led by Coatue Management, with SoftBank and Tiger Global Management participating.
CIC, an investment major which generally invests in commodities, has been infusing capital in the venture capital asset class (i.e. startup ventures) recently. The $740 billion state fund has also backed Chinese transportation app market leader <a href="http://www.dealstreetasia.com/tag/didi-kuaidi/" target="_blank">Didi Kuaidi</a>, which is said to be worth $15 billion.
GrabTaxi currently operates in 22 cities across six ASEAN states and intends to pursue further expansion in the region using the fresh funds. Competition in the transport provider space is intensifying, with GrabTaxi aggressively poaching Uber drivers over to its platform, despite a perception that its app is inferior to Uber’s.
GrabTaxi&#8217;s product and technology team may also be underperforming, due to some problems in management. This is implicit in how their former CTO, Wei Zhu, <a href="https://www.techinasia.com/wei-zhu-leaves-grabtaxi/" target="_blank">resigned after only year with GrabTaxi</a>.
CIC joins other institutional investors in infusing capital into entrepreneurial ventures seeing to differentiate and grow amid competition with global industry leader Uber, which is rapidly expanding into the growth markets of Asia. This is reflective in the investments being made into Ola Cabs and Didi Kuaidi by investment majors like the Softbank Group and Tiger Global.
Incepted in 2012 by Malaysian entrepreneur Anthony Tan, a graduate of Harvard Business School, GrabTaxi caters to local Asian markets in its approach of expanding beyond simple car-hailing to the integration of motorcycle taxis. This is evident in its GrabBike service which operate in Vietnam, Indonesia and Thailand.
Related Stories: <a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/grabtaxi-raising-200m-funding-at-1-5b-valuation-8635/">GrabTaxi raises $200m, now valued at $1.5b</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/taxi-firm-vinasun-launches-taxi-app-to-challenge-global-players-in-vietnam-8074/">Vinasun launches taxi app to challenge global players in Vietnam</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/myanmar-get-its-first-taxi-booking-app-in-hoho-dede-8070/">Myanmar get its first taxi booking app in Hoho Dede</a>
<a style="color: #ff0000;" href="http://www.dealstreetasia.com/stories/philippines-becomes-first-country-to-legalise-ridesharing-services-sg-passes-bill-to-regulate-third-party-taxi-apps-6317/">Philippines becomes first country to legalise ridesharing services; SG passes Bill to regulate third-party taxi apps</a>

Grabtaxi has secured US$400 million from China Investment Corporation in a private equity funding round.

GrabTaxi raises $400m in funding led by China's sovereign wealth fund

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief

GrabTaxi raises $400m in funding led by China's sovereign wealth fund

Start your deal-making journey now!

Bring stories like this into your inbox every day.

Sign up for our newsletter - The Daily Brief