MENU × BUSINESS
Banking And InsuranceCryptocurrencyDigital MarketingErpFood And BeveragesHealthcareLegalMarketing And AdvertisingMedia And EntertainmentMetals And MiningOil And GasRetailTelecom
TECHNOLOGY
Artificial IntelligenceBig DataCloudCyber SecurityE CommerceEducationGaming And VfxIT ServiceMobileNetworkingSAPScience And TechnologySecuritySoftwareStorage
PLATFORM
CiscoDatabaseGoogleIBMJuniperM2MMicrosoftOracleOracleRed Hat
LEADERSHIP
CEO ReviewCompany Review
MAGAZINE
ASIA INDIA
STARTUPS CLIENT SPEAK CONTACT US

The Silicon Review Asia

Grab has raised $2 billion to drive growth in Southeast Asia

Grab has raised $2 billion to drive growth in Southeast Asia

Grab, the Singapore based ride-hailing service has bagged $2 billion in new funding, amplifying its efforts to offer more on-demand services, in addition to the usual ride-hailing. This new funding includes $1 billion previously pledged by Toyota in June of this year. Other investors include Vulcan Capital, OppenheimerFunds, Ping An Capital, Lightspeed Venture Partners, Macquarie Capital and All-Stars Investment among others.

Earlier investors include SoftBank and Didi Chuxing, both of whom led a previous round of mega funding that later saw Grab strike a deal with Uber, resulting in the American company leave the Southeastern markets. It was a mutually beneficial decision that saw Uber walk away with an astounding 27.5% stake in Grab.  

Additionally, Grab has released a statement saying that this round of funding is still open. With the investments figures being seen, it should come as no surprise if the total capital raised is even higher. With Uber no longer a competitor in Southeast Asia, the main rival for Grab is Go-Jek, the Indonesian services provider that is backed by Chinese giants Tencent and Meituan.

This latest round of funding will certainly help Grab to gain additional ground on its vision to offer services other than ride-hailing. Some of those include online payments and food delivery. Grab aims to roll out its offline-to-online services that will help offline vendors to reach out to potential customers over the internet.

YOU MAY ALSO LIKE

Pine Labs Reaffirms its Commitment to Indian Payments Space with Qfix Acquisition

HDFC Bank is Qfix's main distribution partner Pine Labs has announced that it has acquired Qfix, a Mumbai-based online payments startup. This acquisi...

Salesforce Expands into Thailand, Opens Office in Bangkok

Salesforce has announced permanent presence in Thailand by launching its new office in the country’s capital, Bangkok. The permanent presence wi...

GMLL is expected to soon add two more stores to its retail arm ‘Price Mantra’

Garment Mantra Lifestyle, a popular name in the Indian fashion retail segment, recently made an announcement that the company is expanding its retail ...

Tariff plans will cost higher from the next financial year as telecom companies are gearing up to increase rates

The ongoing Covid pandemic had significantly increased the number of mobile and internet users worldwide. The high amount of usage is expected to drop...

RECOMMENDED