PUBLISHED: May 29, 2014 05:05pm

MyTeksi gets US funding

MyTeksi

Source: TRP Source:
TRP

KUALA LUMPUR, May 29:

THE local outfit behind taxi-booking mobile phone app MyTeksi has received US$15 million (RM48.3 million) from Silicon Valley-based GGV Capital with participation from new investor Qunar and Vertex Venture Holdings.

In a statement today, the firm said the new round of funding will support MyTeksi’s aggressive growth into new cities in Southeast Asia.

The firm now operaties in Malaysia, the Philippines, Thailand, Vietnam and Singapore to help taxi drivers use latest mobile technologies to make taxi rides safer and more efficient.

“More than 20,000 taxi drivers have registered with MyTeksi and estimates are that one in two active taxi drivers in the region will be on the MyTeksi network by the end of 2015.”

Founder and group chief executive officer Anthony Tan said, “We are honoured to be included in GGV Capital’s portfolio of companies alongside with global names such as Alibaba Group, Square and Flipboard.

“We are also grateful to Vertex Venture for their continued support and confidence by re-investing in MyTeksi.” Vertex, a wholly-owned subsidiary of Singapore’s Temasek Holding, had invested in MyTeksi earlier.

He said over 250,000 passengers across 15 cities use the app at least once per month to hail a taxi. MyTeksi also recently launched a complementary limousine service called GrabCar in several markets.

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