Four-Year-Old Uber Rival GrabTaxi Expects to Break Even in 2016
- Company now has 200,000 drivers, 11 million mobile downloads
- Southeast Asia's No. 1 ride-hailing service rebrands as 'Grab'
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GrabTaxi Holdings Pte. expects to break even in 2016, just four years after its founding, as Southeast Asia’s largest venture-backed startup broadens its ride-booking services to stay a step ahead of hard-charging Uber Technologies Inc.
The region’s largest car- and taxi-hailing service is eschewing an initial public offering for the moment while it works on expanding a car-hire and motorcycle-taxi service straddling six countries into areas like carpooling, co-founder and Chief Executive Officer Anthony Tan said in Singapore.