Grab is Now Insurer-Backed

Following the $1 billion investment from June, Grab is announcing another $1 billion round from several investors including Ping An Capital, the venture arm of Ping An Insurance.

Grab will use the funds to expand the range of O2O services it provides in Southeast Asia, as part of its vision to become the region’s everyday super app of choice through its open platform strategy. Today, Grab users have a one-stop solution to meet their everyday needs; whether it’s using the Grab app to pay merchants through GrabPay, ordering food through GrabFood, sending parcels through GrabExpress, or hailing rides with Grab’s range of transport services.

“We are honoured to welcome these top-tier financial institutions into our roster of strategic investors and partners. 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. 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.” – President of Grab, Ming Maa.

Recall insurer-backed companies here.