Cash for cabbies
You know we’re not talking about Uber when a cab-booking outfit sets up a welfare fund for taxi drivers as a reward for them doing their jobs well. But GrabTaxi has done that very thing with the launch of its $2.8 million Provident Fund which it has financed via investments received in the last year or so, which amounts to some $340 million. That cash hasn't come from softy social ventures either – in fact, $250 million has been handed over by Japanese investment giant SoftBank Group.
Unlike Uber, GrabTaxi was developed not only to provide people with decent cab journeys but also to solve taxi industry issues such as creating safer and more reliable rides for passengers and improving driver livelihoods. The fund will look to cover items such as medical costs and crisis support, and GrabTaxi will put $240 a month into the finance vehicle for every driver matching service and usage criteria.
GrabTaxi currently operates in 17 cities across six Asian markets, including Malaysia, Philippines, Thailand, Singapore, Vietnam and Indonesia.