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SoftBank-backed Grab targets US$2b more in funding this year in big business push

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[SINGAPORE] Grab aims to raise another US$2 billion this year as it ramps up expansion, its chief executive said, just weeks after announcing over US$4.5 billion of funding in what has become South-east Asia's largest round of private financing. Read more at The Business Times.

The funding will be raised from strategic investors and be a mix of debt and equity, said Mr Tan.

Singapore-headquartered Grab is expanding aggressively in Indonesia, home of rival Gojek. Both are raising billions of dollars to bring ride-hailing, food delivery, e-commerce and banking to a populous region with a growing number of consumers that use smartphones to commute, shop and make payments. Last month, Grab's president Ming Maa - a former SoftBank executive - said Grab was considering raising more funds in the ongoing financing round, in which the SoftBank Vision Fund invested US$1.5 billion.

 

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