Uber losing money, GrabTaxi got profits?
https://en.wikipedia.org/wiki/Grab_(application)
https://www.grab.com/sg/taxi/
never say leh... but...
The initial period was tough with many sceptics. Tan started by going door-to-door to ask the biggest taxi fleet companies to try his product. Only the fifth taxi company he approached, operating a small fleet of 30, gave him a chance. The company progressed and raised US$90 million in 12 months from hedge fund Tiger Global, prominent Chinese venture capital firm GGV Capital, Vertex Venture Holdings (subsidiary of Singapore sovereign wealth fund Temasek Holdings), and more.[17] In May 2014, GrabTaxi said it had 1.2 million downloads. At around June 2013, it claimed to be doing one booking every eight seconds, or 10,000 a day, a sixteen-fold growth within a year.[18]
By December 2014, it managed to raise US$250 million series D round, fully invested in by SoftBank Corp which is the largest investment ever made in a Southeast Asian internet company on public record thus far.[19] The total investment received by the company over the last 14 months amounted to US$340 million.[20]
On the back of the company’s rapid growth, GrabTaxi opened a US$100million Research & Development facility in the Central Business District of Singapore.[21] The new facility houses 200 engineers and data scientists over the next few years. Recently joining their team includes Chief Technology Officer Wei Zhu, ex-Facebook Engineer and creator of Facebook Connect who left the company in Aug 2015.[22] The emphasis on software engineers and data scientists recruitment for the new facility suggests the company’s strategy in development of new tools, possible expansion of app and service features as well as staff management.[23] In 2016, the company will open a new engineering office center in Seattle that will serve as a tech hub to attract talent in the United States.[24] The company states that it has no plans to launch in North America.[25]