Grab secures $2 B funding

Grab Holdings Inc. has raised $2 billion from a slew of leading global financial institutions to fund expansion of its services in Southeast Asia.

The company said global financial institutions Oppenheimer Funds, Ping An Capital, Mirae Asset-Naver Asia Growth Fund, Cinda Sino-Rock Investment Management Company, All-Stars Investment, Vulcan Capital, Lightspeed Venture Partners, Macquarie Capital, and other investors have joined Toyota Motor Corp. in Grab’s current financing round.

“The investment by these leading

global financial institutions reflect their belief in Grab’s long-term growth opportunity, and the company’s unique ability to unlock the region’s growth potential through Grab’s industry-changing O2O (online-to-offline) and transportation platform,” Grab said.

Grab said it would use the funds raised to expand the range of O2O services it provides in Southeast Asia and grow into becoming the “everyday super app of choice” for millions in the region.

The company intends to use a significant portion of the proceeds, in particular, to continue investing in Indonesia.

Grab provides access to safe and affordable transport, food and package delivery, mobile payments and financial services.

It offers services in Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam, Myanmar, and Cambodia.

For its local unit, Grab Philippines, voluntary commitments are currently being finalized with the Philippine Competition Commission to address the anticompetition concerns raised by the antitrust authority regarding Grab’s acquisition of rival Uber.