Japanese telecoms firm SoftBank has pumped in $250 million to become the top investor in Southeast Asian mobile taxi-booking application GrabTaxi Holdings, its biggest investment in a Southeast Asian Internet firm.
GrabTaxi, which allows customers to order cabs closest to their location by mobile phone, operates in Singapore, Malaysia, Thailand, Vietnam, Indonesia and the Philippines. In a statement, the two companies said the funding will be used to accelerate the app's expansion in the region.
The investment in GrabTaxi comes about a month after SoftBank and its billionaire CEO and founder Masayoshi Son announced a $627 million funding into online marketplace Snapdeal as part of a plan to put $10 billion into India's booming online retail market.
SoftBank also said in October it will lead a $210 million investment round with existing investors in India's ANI Technologies, which owns a mobile application for taxi bookings.