Grab raises $750-M in equity financing

MANILA--Grab, Southeast Asia’s leading ridehailing platform, has raised $750 million in equity financing, increasing its total capital position to more than $1 billion.

With this transaction, Grab becomes the best capitalized technology start-up and mobile internet company in the region. SoftBank, a long-term strategic partner to Grab, led an expanded, oversubscribed round, with participation from both new and existing investors.

Grab operates the largest transportation network in Southeast Asia and is one of the most frequently used mobile platforms in the region with up to 1.5 million daily bookings. It offers private car, taxi, delivery and carpooling services across six countries and 31 cities in Southeast Asia, with one out of every four passengers using multiple services.

Going forward, Grab will leverage its $1 billion capital position to continue expanding its transportation services in Southeast Asia, home to 620 million people.

Grab will also invest in mobile payments capabilities to enable a seamless daily transaction experience in a region with low banking and credit card penetration and limited cashless payment options.

“Our vision is to drive Southeast Asia transportation forward and transform the region’s mobile internet ecosystem. This latest funding, the largest in the history of Southeast Asia consumer technology, strengthens our ability to pursue those long-term goals as we continue to build on our market leadership,” said Anthony Tan, Group CEO and co-founder.