Softbank invests $250 mn in Uber rival GrabTaxi

SoftBank investment, GrabTaxi has raised USD 340 million in the past 14 months, says a PTI report.

The fresh investment comes as an attempt to gain a foothold in the region despite multiple regulatory tangles and already fierce competition.

Nikesh Arora, vice chairman of SoftBank, said it would support "GrabTaxi's further expansion in the region".

Besides, within Southeast Asia, Uber operates in the same six markets as GrabTaxi, after entering Singapore last year. It does not release operational statistics.

Malaysian and Indonesian authorities have said Uber services that utilise private vehicles are illegal, while Thai authorities last week indicated that they are also banning the service.

Other major taxi apps in Southeast Asia include Indonesia's Blue Bird, regional player EasyTaxi, backed by German startup incubator Rocket Internet, as well as London-based Hailo which operates in Singapore, as per the PTi report.