Grab, a Singapore-based on-demand transportation and mobile payments platform, will receive an up to US$2.0 billion investment in the largest single financing in the history of Southeast Asia.
Backers included Didi Chuxing, a one-stop mobile transportation platform, and SoftBank Group Corp., a global technology company driving.
The company, which anticipates that it will raise an additional US$500m, bringing the total to US$2.5 billion in the round from existing and new investors, will use the funds to continue to grow in Southeast Asia and invest in GrabPay, its proprietary mobile payments solution.
Led by Anthony Tan, CEO and Co-founder, Grab operates a transportation network in Southeast Asia and a mobile platform with nearly 3 million daily rides. Today, the app has been downloaded onto over 50 million mobile devices, giving passengers access to the region’s largest land transportation fleet comprising over 1.1 million drivers. Grab offers private car, motorbike, taxi, and carpooling services across 7 countries and 65 cities in Southeast Asia.
The company also operates GrabPay Credits, a cashless top-up payments option.
Grab currently offers services in 65 cities across Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam and Myanmar.