Grab snags $750M investment at reported $3B valuation
September 21, 2016
Grab, a ride-hailing platform operating in Southeast Asia, has secured $750 million in fresh funding led by Softbank. The company didn't publicly disclose the valuation attached to the financing, but TechCrunch has it at $3 billion. This news comes a little more than a year after Grab raised a $350 million Series E at a valuation of about $1.8 billion in a round led by Coatue Management.
Grab currently offers its services (which include private cars, taxis, motorbikes and carpools) in Malaysia, Singapore, Thailand, Vietnam, Indonesia and the Philippines, and the company plans on using the new funding to continue expanding throughout Southeast Asia, especially in Indonesia. Grab will also look to further develop GrabPay, a mobile payment platform that customers will soon be able to use at department stores, cinemas, restaurants and other locations.
The company claims the new round is the largest investment ever made in a Southeast Asian consumer technology startup.
You can check out more of our coverage on the ridesharing space right here.