EXCLUSIVE: Grab eyes more funding from strategic investors, after raising $4.5 billion in Southeast Asia's largest financing round by anshumandaga RDchatters
SINGAPORE - Grab is considering raising more funds from strategic investors, the president of Southeast Asia’s top ride-hailing firm said, after raking in over $4.5 billion in the region’s largest private financing round that included SoftBank’s Vision Fund.
The financing round kicked off shortly after ride-hailing giant Uber surrendered its Southeast Asian operations to Grab in March 2018 after a costly battle and in return took a 27.5 percent stake in Grab’s business. Citing a valuation of $11 billion, research firm CB Insights had ranked Grab among the top 15 unicorns globally before SoftBank’s latest funding.
“We will be investing the vast bulk of this capital we have raised into expanding our super-app platform and providing new services to our customers, particularly in Indonesia,” Maa said. The payments opportunity is critical as “this is the real infrastructure glue that ties everything together”, Maa said.Grab, whose app has been downloaded on to over 138 million mobile devices, across its eight markets, has faced regulatory obstacles after Uber exited the region.
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