If you’ve not heard about GrabTaxi, you’re living under a rock, or in a clamshell. Because this mobile taxi-booking company is on a massive growth spurt and has declared that Singapore is one of its primary geographic focus points.
It’s just completed its Series C funding – led by US-based Tiger Global Management, new investor, Hillhouse Capital Management, and existing investors, Vertex Venture Holdings, GGV Capital, and Qunar – raising a total of about US$90 million in the last 12 months.
But what the company intends to do with the investment is what’s of concern. After invading a total of 16 cities across SouthEast Asia (with one more coming soon) and scoring an average of two bookings per second here in Singapore, GrabTaxi wants to stay focused on this region and delve deeper.
And Singapore’s high on its priority list, according to GrabTaxi founder and group CEO, Anthony Tan. He said the company will use the financing to launch new community programmes to reward drivers and passengers alike, in addition to enhancing the app and expanding on its IT engineering and data analytics team.
“Smartphones are the new rice bowls for taxi drivers, and we want to create a start-up ecosystem in Singapore that makes a difference in peoples’ lives,” Tan said.
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More plans in store
GrabTaxi Singapore general manager, Lim Kell Jay, went on to further explain the specifics of what the company intends to do, besides aiming to be the largest taxi network in Singapore in the next six months.
According to him, it’s working on app enhancements that aim to send a taxi to you passengers 90% of the time, within an average wait time of five minutes. If your driver provides you with great service, it’s working on a reward incentive programme that rewards such drivers and penalises bad ones.
“We’re also working on building a quality platform for our drivers, making sure there’s enough jobs for them as we grow our pool. And in being serious about doing this, we will also be working on processes and a technology that minimises passenger no-shows.”
With these plans on board, we speculate GrabTaxi’s going to be a force to be reckoned with.