Grab plans to raise US$1.5b
SINGAPORE: Grab, Uber Technologies Inc’s largest rival in Southeast Asia, plans to raise more than US$1.5 billion (RM6.64 billion) in a new funding round backed by SoftBank Group Corp, said sources.
SoftBank is pledging about US$1 billion in the ride-sharing company backed by Tiger Global Management and GGV Capital, they said.
It wasn’t clear if the money was coming from the Japanese company itself or its yet-to-close SoftBank Vision Fund. Grab’s financing could be a record for Southeast Asia, eclipsing the US$750 million the company raised in September in a round said to give it a then valuation of more than US$3 billion. Bloomberg