Grab Mints $4.5 Billion in Series H from SoftBank Group & Others
Grab Holdings, one of the leading super apps in Southeast Asia has received a total funding amount of $4.5 billion in series H from Softbank Vision Fund and others namely Toyota Motor Corporation, Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital, and Yamaha Motor. In this round of funding, SoftBank has invested $1.46 billion and till now Grab has raised a total of $8.8 billion in funding over 24 rounds.
“SoftBank and the Vision Fund are long-standing strategic investors and we are grateful for their continued support. The investment is a clear statement of belief in our vision to grow Southeast Asia’s technology ecosystem as the region’s Number 1 super app. Looking ahead, we aim to continue improving the lives of many millions of Southeast Asians by providing enhanced income opportunities through our platform, and giving our users more choice and convenience”, comments, Anthony Tan, Co-Founder & CEO, Grab.
The funding amount will be used to advance Grab’s super app vision in Southeast Asia, with the aim of bringing more every day services, greater accessibility and convenience to users. It plans to widen its verticals such as financial services, food delivery, parcel delivery, content and digital payments, and roll out new services announced in 2018. Grab will also use the capital to boost the expansion of GrabFood and GrabExpress in the country.
David Thevenon, Partner, SoftBank Investment Advisers, comments, “We have been working alongside Grab for a number of years and are privileged to support the evolution of its user-driven technologies. This investment will help the company explore exciting new opportunities across on-demand mobility, delivery and financial services as it continue to grow its offline-to-online platform across Southeast Asia”.
Founded in 2012, Grab Holdings operates a mobile technology platform that integrates city transportation for driver partners and customers in South East Asia. It offers services like GrabTaxi, GrabCar, GrabHitch, GrabShare, GrabCoach, GrabShuttle, GrabShuttle Plus, GrabFamily, JustGrab, GrabNow, and GrabRental. It operates in Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam, and Myanmar.
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