Grab Raises $1.46B
Grab , Southeast Asia’s “super app”, announced $1.46b in fresh funding from the Softbank Vision Fund. This capital injection from SVF brings the total financing secured in Grab’s current Series H round to over $4.5b. Other investors in this round include Toyota Motor Corporation, Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital, and Yamaha Motor.
Grab intends to use the funds to advance its super app vision in Southeast Asia, with the aim of bringing more every day services, greater accessibility and convenience to users. Grab plans to expand its verticals such as financial services, food delivery, parcel delivery, content and digital payments, and roll out new services announced in 2018.
“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.” – Cofounder and CEO of Grab, Anthony Tan.
“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 continues to grow its offline-to-online platform across Southeast Asia.” – Partner at SoftBank Investment Advisers, David Thevenon.