About five months after securing a whopping US$1 billion in Series H round of funding, Southeast Asia’s ride-hailing giant Grab is in talks to raise another massive financing, as per a FinanceAsia report.
“Grab is on track to swiftly raise another US$1 billion for its expansion drive across Southeast Asia,” the report (paywalled) said, citing its President Ming Maa.
In April this year, Grab scored a US$1 billion from OppenheimerFunds, Ping An Capital, Macquarie Capital, Lightspeed Venture Partners, Mirae Asset-Naver Asia Growth Fund, Cinda Sino-Rock Investment Management, All-Stars Investment, and Vulcan Capital. A significant portion of that capital would be used fund Grab’s expansion into Indonesia, where it would go head-to-head with its key rival Go-Jek.
Two months later, Grab announced a partnership with Toyota to strengthen and expand their existing collaboration in the area of connected cars to drive the adoption of new mobility solutions across Southeast Asia. Grab would work with the automotive giant on how connected car services on the Toyota Mobility Service Platform (MSPF) — such as telematics-based insurance, financing programme and predictive maintenance — could enrich the experience for drivers on the Grab platform.
Started in 2012, Grab has since forayed into various Online to Offline (O2O) categories, providing access to food and package delivery, mobile payments and financial services. Grab currently offers services in Singapore, Indonesia, the Philippines, Malaysia, Thailand, Vietnam, Myanmar and Cambodia.