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GrabTaxi raises money from China's sovereign wealth fund

Neo Chee Wei | Moment Mobile | Getty Images

Chinese sovereign wealth fund China Investment Corporation is among backers pouring $350 million into South East Asia's answer to Uber, cab-hailing app GrabTaxi.

U.S.-based Coatue Management and China's Didi Kuaidi, which competes with Uber on the mainland, also invested in the latest round which takes GrabTaxi's total funding to $700 million, according to a company statement.

Existing shareholders also chipped in, GrabTaxi said without disclosing individual contributions.

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GrabTaxi plans to use the money to expand its service, which currently mostly comprises of cabs, to include private cars and motorbikes.

Foreign Investors have nabbed stakes in taxi-apps in Asia in recent months, where such services are getting popular as people ditch public transport and embrace mobile technology.

Earlier this year, Japan's Softbank invested in Didi Kuaidi while Singapore's sovereign wealth fund GIC participated in Indian taxi-app Ola's funding round in April.