Grab boosts war chest by $1b, sees Indonesia ripe for 'conquering'
RIDE-HAILING platform Grab has raised US$750 million (S$1 billion) in equity financing, increasing its total capital position to over US$1 billion.
The technology start-up's long-term strategic partner, SoftBank, led an expanded, oversubscribed round, with participation from both new and existing investors, Grab said yesterday.
The company said that following the latest transaction, it has become the best capitalised technology start-up and mobile Internet company in South-east Asia.
"This latest funding, the largest in the history of South-east Asia consumer technology, strengthens our ability to pursue long-term goals as we continue to build on our market leadership," said Grab group chief executive and co-founder Anthony Tan.
"We are particularly excited about the growth opportunity in Indonesia, where we see an almost US$15 billion market for ride-hailing services alone, as well as the potential to extend GrabPay's platform regionally," he added.
Grab operates a large transport network in South-east Asia with up to 1.5 million daily bookings on its mobile platforms.
THE BUSINESS TIMES