SINGAPORE - Grab aims to raise another $2 billion this year as it ramps up expansion, its chief executive said, just weeks after announcing over $4.5 billion of funding in what has become Southeast Asia’s largest round of private financing.
Grab later said in a statement that it expects to invest a significant portion of the funds in Indonesia. Reuters first reported the funding target earlier on Monday. Singapore-headquartered Grab is expanding aggressively in Indonesia, home of rival Go-Jek. 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.
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