Singapore’s ride hailing start-up Grab has announced a $2 billion round of funding on Thursday. This includes the $1 billion investment by Toyota Motor Corporation recently.
The remaining $1 billion has been invested by funds including Oppenheimer Funds, Ping An Capital, Mirae Asset’s Naver Asia Growth Fund, Cinda Sino-Rock Investment Management Company, All-Stars Investment, Vulcan Capital, Lightspeed Venture Partners, Macquarie Capital and others.
The latest round of funding takes Grab’s total fundraising to date to $6 billion and values the Singapore-based start-up at $11 billion, according to Financial Times.
Grab has emerged as Southeast Asia’s leading ride-hailing startup and the funds will be used to expand its geographic reach and services like food delivery and payments.
A chunk of the newly raised $1 billion will be invested in Indonesia, a key market for Grab. Ride-hailing companies keen to tap into a country that is home to the fourth largest population in the world. The startup, founded by Anthony Tan and Tan Hooi Ling is in a costly battle against Indonesia’s Go-Jek. The Jakarta-based rival has announced an investment of $500 million to enter Singapore, Thailand, Vietnam and the Philippines.
Six-year-old Grab bought out Uber Technologies operations in Southeast Asia earlier this year, a move which prompted Singapore’s antitrust regulator to say that it might unwind the firm’s acquisition.
The start-up’s existing shareholders include Japan’s SoftBank Group, China’s Didi Chuxing and Uber.
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