Home NEWS Ride-hailing firm Grab secures $1.5 billion in funding, Auto News, ET Auto

Ride-hailing firm Grab secures $1.5 billion in funding, Auto News, ET Auto

Singapore: Southeast Asian ride-hailing firm Grab said on Wednesday it has secured $1.5 billion in fresh financing from a fund run by Japan’s SoftBank and will use a significant portion of it to expand in Indonesia.

Grab has seen its business grow rapidly since it bought US-based rival Uber’s regional ride-hailing and food business in March last year. Uber received a 27.5 percent stake in Grab in return.

The fresh investment from the Vision Fund of Softbank Group brings the total financing secured by Singapore-headquartered Grab over the past year to more than $4.5 billion.

The company said it is expanding its financial services and food and parcel delivery businesses, as well as adding new offerings such as on-demand video, digital healthcare, insurance and hotel bookings.

Grab said a “significant portion” of the new investment will be used to grow its business in Indonesia, the home base of regional rival Go-Jek, which has recently launched in Singapore.

“Grab’s Indonesian business is expanding rapidly, with revenue more than doubling in 2018,” the company said in a statement.

Toyota Motor, Hyundai Motor, Oppenheimer Funds and Microsoft Corp are among the major investors in Grab over the past year. Softbank is owned by Japan’s richest man Masayoshi Son.

Go-Jek has won financial backing from investors including Google, Singapore’s sovereign wealth fund Temasek and Chinese internet giant Tencent.

Southeast Asia’s ride-hailing market is expected to be worth $20 billion by 2025, according to research by Google and Temasek.

Source link

Must Read

2020 Ford Explorer Police Interceptor Hybrid Review – MotorTrend

Ford had some standard hybrids at its test track in Dearborn for us to take a quick spin. Explorers are modified to become Interceptors,...

GWKFest: The Final Roll, A Final Take – Speedhunters

NostalgiaAs you’ve hopefully gathered, the inaugural Golden Week Kyusha Festival featured a beautiful display of old Japanese cars. Going a bit deeper, it was an awesome...

Late In The Day: The Road To Wörthersee – Speedhunters

This has been a pretty wild few weeks of road trips. Ireland to Goodwood, Ireland to Germany, Germany to Belgium and now Germany to Austria. For...

2020 Lincoln Corsair Pricing Starts in High 30s, Can Speed Past $60K | News

We were wowed by the 2020 Lincoln Corsair with its classy styling and interior that bring to a compact SUV the design flourishes of...

All segments production, sales skid to negative, Auto News, ET Auto

New Delhi: The cautious attitude of customers, political uncertainty and negative shadow of tightened liquidity and higher insurance cost dragged down the new vehicle...