Grab, Investment

Grab, Investment

Grab snags US$200 million investment from South Korean private equity firm

Grab snags US$200 million investment from South Korean private equity firm

3/8/2020 11:59:00 AM

Grab snags US$200 million investment from South Korean private equity firm

SINGAPORE (BLOOMBERG) - South-east Asian ride-hailing leader Grab Holdings is raising US$200 million (S$275 million) from South Korean private equity firm Stic Investment s, according to people familiar with the matter.. Read more at straitstimes.com.

Seoul-based Stic Investments is looking to increase its exposure to the region and will invest about US$100 million from one of its funds while raising the remainder from co-investors, according to the people, who asked not to be named because the matter is private. Representatives of Grab and Stic declined to comment.

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Despite the devastating impact Covid-19 has had on consumer businesses, Grab has been able to raise money to continue funding its ride hailing, food delivery and digital financial services. The Singapore-based firm is among the most richly financed tech start-ups in South-east Asia, having raised more than US$10 billion to date, including about US$3 billion from SoftBank Group. It's valued at US$14.3 billion, according to CB Insights.

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