Southeast Asian Ride-hailing Company Grab Raises $1B at Over $10B Valuation

Southeast Asian ride-hailing company Grab has raised an investment of $1 billion from a clutch of financial firms, including global asset manager OppenheimerFunds and China’s Ping An Capital.

Other investors participated in the new funding round include Microsoft Corp co-founder Paul Allen’s Vulcan Capital, Macquarie Capital and Lightspeed Venture Partners.

Grab will use a significant portion of the proceeds from the current fundraise to continue investing in Indonesia, Southeast Asia’s biggest market where Go-Jek is the dominant player in ride-hailing.

Go-Jek counts Chinese tech giant Tencent Holdings Ltd, private equity firms KKR & Co LP, Warburg Pincus LLC and venture capital player Sequoia Capital among its investors.

Six-year-old Grab sold a $1 billion stake at a valuation of more than $10 billion to Toyota Motor Corp in June. In July 2017, the company secured close to $2 billion from Softbank and Didi Chuxing.

In March this year, Uber sold its Southeast Asian business to Grab in exchange for a 27.5% stake in the Singapore-based firm.

Early this year, Grab had also acquired Indian payment company iKaaz for an undisclosed amount, to expand its digital payments platform GrabPay. Post acquisition, iKaaz’s team joined Grab’s research and development unit in Bengaluru.