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Grab expects to raise $2.5bn in total in current financing round

Published 25 July 2017

Didi Chuxing and SoftBank Group will invest up to $2bn to lead the existing financing round.

If the investment is closed successfully, the ride-hailing company can strengthen its position in on-demand transportation and payments in Southeast Asia, where it operates across Singapore, Malaysia, Indonesia, Philippines, Vietnam and Thailand.

Grab said it is the single largest financing in Southeast Asia until now. 

The company claims to have a market-share of 95% in third-party taxi-hailing and 71% in private vehicle hailing. The investment can also help in strengthening its market position for GrabPay, its mobile payments solution.

Its mobile ride-hailing platform is claimed to be used to book nearly 3 million daily rides, from a network of 1.1 million cars. The app is claimed to have been downloaded on to 50 million mobile devices. It operates in 65 cities across its markets in 7 countries.

Grab CEO and co-founder Anthony Tan said: “We are delighted to deepen our strategic partnership with DiDi and SoftBank. We’re encouraged that these two visionary companies share our optimism for the future of Southeast Asia and its on-demand transportation and payments markets, and recognize that Grab is ideally positioned to capitalize on the massive market opportunities.

“With their support, Grab will achieve an unassailable market lead in ridesharing, and build on this to make GrabPay the payment solution of choice for Southeast Asia. We look forward to continuing to work with our valued partners in the future.”

Image: Grab plans to raise $2.5bn in current round of financing. Photo: Courtesy of Grab.