Grab, Southeast Asia’s leading ride-hailing mobile platform, announced this week it has raised $2 billion for its current round of financing.
Toyota has been joined by a slate of leading global financial institutions, including OppenheimerFunds, Ping An Capital, Mirae Asset – Naver Asia Growth Fund, Cinda Sino-Rock Investment Management Company, All-Stars Investment, Vulcan Capital, Lightspeed Venture Partners, Macquarie Capital and other investors, underscoring Grab’s aim to be the leading technology player in the region.
According to the Asian transport firm the investment by these leading global financial institutions reflect their belief in Grab’s long-term growth opportunity, and the company’s unique ability to unlock the region’s growth potential through Grab’s industry-changin transportation platform.
Grab will use the funds to expand the range of services it provides in Southeast Asia and to grow into becoming the everyday “super app” of choice for millions in the region.
Currently, Grab users have a one-stop solution to meet their everyday needs; whether it is using the Grab app to pay merchants through GrabPay, ordering food through GrabFood, sending parcels through GrabExpress, or hailing rides with Grab’s range of transport services, Grab is looking to expand the portfolio of everyday services available to its users through partnerships.
Ming Maa, President of Grab, said: “We are honoured to welcome these top-tier financial institutions into our roster of strategic investors and partners. Grab is today the industry-changing O2O platform that enables millions of consumers and entrepreneurs to come online and drive the digital economy in Southeast Asia. We have seen overwhelming interest from global strategic investors and partners who are keen to partner with us to capture the region’s booming growth.”