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

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 Southeast Asia's largest round of private financing.

"We basically received a very strong vote of confidence. And Masa shared that SoftBank is very happy with Grab and that SoftBank will provide unlimited support to power our growth," said Tan, referring to SoftBank Group Corp founder and CEO Masayoshi Son.The funding will be raised from strategic investors and be a mix of debt and equity, said Tan.

Both Grab and Go-Jek started out in ride-hailing and have since amassed millions of users with cut-rate prices. Go-Jek's backers include Temasek Holdings, Tencent Holdings and Alphabet's Google.

United States United States Latest News, United States United States Headlines

Similar News:You can also read news stories similar to this one that we have collected from other news sources.

SoftBank-backed Grab targets US$2b more in funding this year in big business push[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.
Source: BusinessTimes - 🏆 15. / 51 Read more »