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Southeast Asia's Grab secures $1.46 billion funding from SoftBank Vision Fund
Grab valuation hits $14 billion after fresh funding from SoftBank
Grab has raised more than $4.5 billion from big names like Toyota, Hyundai and Microsoft
Southeast Asia's car-sharing giant Grab has secured $1.46 billion in new funding from the SoftBank Vision Fund.
To date, Grab has raised more than $4.5 billion in funding from automaker giants Toyota and Hyundai, Microsoft, China's Ping An Capital and US-based asset manager OppenheimerFunds.
After receiving new funding from the SoftBank Vision Fund, Grab is now expected to be valued at $14 billion.
Grab issued the following statement: "We will continue to attract new investor interest and welcome more top global companies as partners in 2019."
According to Reuters, the fundraising began after US car-sharing giant Uber sold its Southeast Asian business to Grab (Uber acquired 27.51 TP3T of Grab shares in the deal).
Grab expands its presence in the areas of everyday life in financial services, food delivery, parcel delivery, content and digital payments. David Thevenon, Senior Advisor, SoftBank Investments, said:
Starting with the car sharing service business, Grab has developed new markets in Southeast Asia, and has implemented new fields such as food delivery, mobile payments, and microfinance. Earlier this year, it made it possible to stream movies and TV shows on the Grab app and entered into a partnership with streaming venture Hooq.
The idea of combining multiple services into one app stems from the fact that users tend to use a limited number of apps each day.
Last year, Grab also announced a joint venture with Chinese medical services platform Ping An Good Doctor to provide comprehensive medical services, including online consultations, appointments and medicine delivery powered by artificial intelligence.
Grab Vietnam GrabTaxi launched in 3 provinces
Grab is focused on expanding its market in Vietnam and GrabTaxi has been approved to operate in Thanh Hoa, Southern Province of An Giang and Central Highlands Province of Dak Nong.
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