Grab raises US$2.5 bln investments to expand
KUALA LUMPUR: Ondemand transportation and mobile payments platform, Grab, yesterday announced that Didi Chuxing (DiDi), the world’s leading one-stop mobile transportation platform, and SoftBank Group Corp (SoftBank), a global technology leader driving the Information Revolution, will invest up to US$2 billion to lead Grab’s current financing round.
Grab anticipates that it would raise an additional US$500 million, bringing the total to US$2.5 billion in this round from existing and new investors, it said in a statement.
This is the largest single financing in the history of Southeast Asia and would support efforts to strengthen Grab’s dominant market position for on-demand transportation and payments in the region,
“We’re encouraged that these two visionary companies share our optimism for the
We’re encouraged that these two visionary companies share our optimism for the future of Southeast Asia and its on-demand transportation and payments markets and, recognise that Grab is ideally positioned to capitalise on the massive market opportunities. Anthony Tan, group chief executive officer and co-founder
future of Southeast Asia and its on-demand transportation and payments markets and, recognise that Grab is ideally positioned to capitalise on the massive market opportunities.
“With their support, Grab will achieve an unassailable market lead in ride sharing and build on this to make GrabPay the payment solution of choice for Southeast Asia.
“We look forward to continuing to work with our valued partners in the future,” said group chief executive officer and co-founder Anthony Tan.
Grab transportation network is one of the most frequently used mobile platform in the region with nearly three million daily rides.
Today, the Grab app has been downloaded into 50 million mobile devices and offered private car, motorbike, taxi, and carpooling services across seven countries and 65 cities in Southeast Asia.
Meanwhile, GrabPay Credits, a cashless top-up payments option, has grown more than 80 per cent, month-on-month, since its launch in December 2016. — Bernama