Grab, a ride-hailing platform in Southeast Asia, has raised US$750 million in equity financing, increasing its total capital position to over US$1 billion. SoftBank led the round of financing with participation from both new and existing investors.
The company is one of the most frequently used mobile platforms in the region with up to 1.5 million daily bookings. Going forward, Grab will leverage its US$1 billion capital position to continue expanding its transportation services in Southeast Asia with a particular focus on Indonesia.
In addition, Grab will also significantly invest in mobile payments capabilities, to enable a seamless daily transaction experience in a region with low banking and credit card penetration and limited cashless payment options.
“The vision is to drive Southeast Asia transportation forward and transform the region’s mobile internet ecosystem. This latest funding has strengthened our ability to pursue those long-term goals as we continue to build on our market leadership. Moreover, we see an almost US$15 billion market for ride-hailing services alone in Indonesia,” said Anthony Tan, group CEO and co-founder.
Earlier this month, Citi, a global bank, and the company, partnered up with Grab across five markets in Asia Pacific. The duo will be offering Citi credit card holders a fast and simple way to pay for their Grab rides with their Citibank credit card points.