Ride-hailing platform Grab has announced it has raised US$750 million (RM3.1 billion) in equity financing, effectively increasing its total capital position to over US$1 billion (RM4.14 billion).
Japanese multinational telecommunications company SoftBank, a long-term strategic partner in the ride-hailing company, led an expanded, oversubscribed Series F round, with participation from both new and existing investors. Its previous Series E funding exercise in August last year was reported to have raised it US$350 million (RM1.4 billion).
Having added to its coffers, the company says it will leverage its increased capital position to continue expanding its transportation services in Southeast Asia, especially in Indonesia as well as developing GrabPay, its mobile payment solution.
It said that its GrabCar and GrabBike services grew by 250 times in one year in the republic (as of the end of 1H2016), and believes the business will continue to grow exponentially. Aside from expanding its range of services in Jakarta, the company says it will be introducing its localized services to more major cities across the country.
As for GrabPay, the company has begun a partnership with Mandiri, Indonesia’s second largest local bank, to offer a mobile wallet service. In Indonesia, it is also working with long-term partner Lippo Group to implement an e-money payments platform that will enable users to use GrabPay at Lippo’s department stores, hypermarts, cinemas, coffee shops and e-commerce platform.
“Our vision is to drive Southeast Asia transportation forward and transform the region’s mobile internet ecosystem. This latest funding strengthens our ability to pursue those long-term goals as we continue to build on our market leadership. We are particularly excited about the growth opportunity in Indonesia, where we see an almost US$15 billion market for ride-hailing services alone, as well as the potential to extend GrabPay’s platform regionally,” said Grab CEO and co-founder Anthony Tan.
Earlier this month, the company announced a partnership with Citi to enable cardholders to use Citibank points to pay for Grab rides. A first for Asia, the service aims to encourage the convenience of cashless payments to more consumers. It will commence in Singapore and the Philippines, with Malaysia, Indonesia and Thailand to follow shortly.
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See Grab can get funding RM1.4 bil just like that without assets. The CEO works hard. Our Proton, despite having assets, have to beg rakyat for RM1.5 bil
Ask SPAD CEO did he done any goods to Taxis in Malaysia except claim no1 “Malaysia Crowned as Home to The Worst Taxi Drivers In The World” !!! Protek?!?!?!
My advice to Proton CEO and Directors is that you guys should work hard. Work hard like Anthony Tan. Don’t always think rakyat is here to bail you out everytime you fail.
See, Grab got RM4.14 billion cash to play with. the Directors of Grab will use the money to reinvest in the company and make it grow further.
If give Proton RM4.14 billion…..what they do? The Directors immediately go out and buy Ferrari, go hotel makan, go to spa get special massage, go overseas, go car isteri lebih, go cari girlfriend etc etc etc
yup GRAB is awesome, but try heading PROTON then and see what can you do. talk is easy.
god knows what a CEO of a GLC have to go through.
You are wrong. We didn’t beg. We took it right under your noses and there’s nothing you can do about it, you fools!
Grab is a startup with investors demanding for higher returns from the funds given. Dun gip apple to cabbage comparison pls.
i think PROTON and GRAB should collaborate together and see how it performs like that lol so customer can feel the ride and handling of new cars
Same old negative comment. I think you have miserable life.
No flag bearing logo or anything like that, but still proudly Malaysian.
Our assets are not in materials, but in our brains.
grab and proton should be together