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Business trends

Slumping Singapore taxi operator chases mobility trend

ComfortDelGro launches $100m venture fund as it plays catch up to mobility apps

 ComfortDelGro has seen profits shrink with the proliferation of ride-hailing apps such as Grab. (Photo by Keiichiro Asahara)

SINGAPORE -- With ride-hailing disrupting the traditional transportation business, Singapore's largest taxi operator has started investing in startups to acquire the latest mobility technologies.

ComfortDelGro, which controls about 60% of taxis in the city-state, will soon launch a $100 million corporate venture capital fund that will invest in startups so the company can catch up with the technological changes that are sweeping the industry. The company declined to give details on what technologies it is looking for "due to commercial sensitivities."

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