Singapore-based taxi hailing app operator GrabTaxi is set to raise $200m in a series E round featuring internet and telecommunications firm SoftBank, the Wall Street Journal reported on Wednesday.
The round, which will also include investment firms Tiger Global Management and Coatue Management, will value GrabTaxi at $1.5bn, according to undisclosed sources. Coatue is set to lead the round, which could potentially be expanded by additional investment in the coming weeks.
GrabTaxi’s ride sharing service operates in 22 cities across six Southeast Asian countries, and its app has been downloaded approximately 4.8 million times. SoftBank became the company’s largest shareholder in December 2014 when it invested $250m.
GrabTaxi had raised $340m in funding prior to the current round, including $15m in a June 2014 round backed by travel agency Qunar, Vertex Venture Holdings and GGV Capital. Hillhouse Capital and Tiger Global provided $65m of series C capital for it in October 2014.
The funding comes at a time when taxi hailing apps across Asia are raising funds in order to help shore up their positions before US-based Uber begins spending big to expand in their markets.
In addition to GrabTaxi, China-based Didi Kuaidi is raising a reported $2bn in its latest funding round, while India-based Ola and China-based UCar have both raised cash in the past week.