MyTeksi raises US$90m to date

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KUALA LUMPUR: Home-grown mobile taxi application service provider MyTeksi Sdn Bhd has secured a combined US$90 million (RM294.3 million) of investments from US-based hedge funds to date, said its general manager Adelene Foo.

She said the third round of investment was led by Tiger Global Management LLC.

“New investors such as Hillhouse Capital Management Ltd also joined the round with existing investors such as GGV Capital, Vertex Venture Holdings Ltd and Qunar,” she told reporters during MyTeksi’s media briefing yesterday.

Foo also said MyTeksi targets to strengthen its presence by expanding to smaller towns or cities.

“We expect to expand our networks in major cities, especially in countries under our coverage,” she said. MyTeksi is currently present in six countries, namely Malaysia, Singapore, the Philippines, Thailand, Vietnam and Indonesia.

MyTeksi had received its first round of funding — known as Series A — in April this year. A month later, the group had received its second round of funding totalling US$15 million. With the latest round, the combined funding value amounts to US$90 million.

Foo said proceeds from the investments will be channelled to the taxi drivers, including an educational fund for taxi drivers and their families, as well as vehicle refurbishment.

“We will use the funds to continue our growth and expansion within Malaysia, particularly in attracting talent to handle the new territories that we will enter. A significant portion of the investments will also be used to develop community programmes to reward the group’s taxi drivers, their families and passengers,” she added.

This article first appeared in The Edge Financial Daily, on October 21, 2014.