Southeast Asian ride-hailing giant Grab has scored a whopping US$1 billion from investors including 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.
The newly-raised funding, combined with its previous billion dollar cash influx from Toyota a month ago, will enable the company to ramp its ambitions to become an “everyday app”, going beyond ride-hailing to include other O2O services such as mobile payments and a food delivery platform.
Grab said it is allocating a significant portion of the capital to fund its expansion into Indonesia, where it will go head-to-head with its key rival, Go-Jek. It said that claimed that Ovo, its mobile wallet in Indonesia, is the country’s “most widely accepted mobile payments ecosystem”.
“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,” said Grab president Ming Maa, in a media statement.
“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.”