Southeast Asian ride-hailing company Grab is about to announce that it has secured a brand new $1 billion investment that may help it expand its payments business, a source conversant in the matter said.
Financing will come from parties including U.S. investors and strategic sponsors, said the person, who declined to be identified because he was not authorized to talk to the media.
Grab declined to comment.
The financing comes after Toyota Motor Corp agreed in June to purchase a $1 billion stake in Grab as a lead investor in a financing round launched after Grab acquired Uber Technologies Inc’s Southeast Asia operations.
Six-year-old Grab, which is backed by Chinese ride-hailing company Didi Chuxing and SoftBank Group Corp, was valued at just over $10 billion after the automaker’s investment, in keeping with an individual conversant in the matter on the time.
Grab, which began as a taxi booking company six years ago, has evolved right into a consumer technology group offering services corresponding to digital payments and food delivery.
Earlier this 12 months, Uber sold its Southeast Asian operations to Grab in exchange for a stake within the Singapore company, sparking regulatory scrutiny.
The Wall Street Journal reported on August 1 about Grab’s latest financing.
Source: Reuters
