The largest ride-hailing service in Southeast Asia, Grab has raised $1.5 billion in recent financing from SoftBank’s Vision Fund and can use much of the funds to expand into Indonesia, where it actively competes with its smaller rival GoJek. Telegraph reported.
The Singaporean startup also said it intends to make use of the cash so as to add more services to its app that already go far beyond easy passenger transportation.
The company, which was established in 2012 as a passenger transport service, has evolved right into a “super app” includes features reminiscent of food delivery and mobile payments.
The recent investment brings Grab’s total funding raised over the past yr to over $4.5 billion, making it the most important private investment round within the region.
Grab has seen rapid growth in its business because it bought the regional ride-hailing and food company from U.S. rival Uber in March last yr.
“The investment is a clear expression of belief in our vision to develop Southeast Asia’s tech ecosystem as the number one super app in the region,” Grab CEO and co-founder Anthony Tan said, as quoted by The rhythm of risk.
“As we look to the future, we intend to continue to improve the lives of many millions of Southeast Asians by providing them with better earning opportunities through our platform and giving our users greater choice and convenience.”
Grab dominates the passenger transportation industry in eight countries within the region where it operates. In interview With CNN Business in December, Grab CEO Ming Maa said the corporate expects to double revenue this yr to $2 billion.
While other major ride-hailing firms like Lyft and Uber, he made moves Maa said on the time that Grab had no plans to go public this yr.
