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Japan’s SoftBank Hails Another Taxi Service

SoftBank, the Japanese technology group that recently bought a stake in Legendary Entertainment, is to invest $250 million in GrabTaxi, an online taxi hailing service in South East Asia.

The investment is being made through the company’s SoftBank Internet and Media unit and will make SoftBank the largest shareholder in GrabTaxi.

Founded in 2012, GrabTaxi currently serves 17 cities in 6 countries including Malaysia, Philippines, Thailand, Singapore, Vietnam and Indonesia. “With over 2.5 million downloads of the GrabTaxi mobile app and with 500,000 users per month, GrabTaxi has become the market leader in South East Asia,” SIMI said in a statement.

SIMI recently also bought a piece of ANA Technologies, which operates as Ola Cabs, and has over 33,000 vehicles in 19 cities in India.

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