Grab Holdings Inc., Southeast Asia’s leading O2O mobile platform, has raised US$2 billion for its current round of financing.
Toyota Motor Corporation (read here) has been joined by a slate of leading global financial institutions, including OppenheimerFunds, Ping An Capital, Mirae Asset – Naver Asia Growth Fund, Cinda Sino-Rock Investment Management Company, All-Stars Investment, Vulcan Capital, Lightspeed Venture Partners, Macquarie Capital and other investors.
The company will use the funds to expand the range of O2O services it provides in Southeast Asia and to grow into becoming a “super app” for people in the region.
Today, people can use the Grab app to pay merchants through GrabPay, ordering food through GrabFood, sending parcels through GrabExpress, or hailing rides with Grab’s range of transport services.
The company is looking to expand the universe of everyday services available to its users through partnerships. In July, Grab launched GrabFresh, an on-demand grocery delivery service in Jakarta, with other cities to follow later in 2018.
In particular, the company will use a significant portion of the proceeds from the current fundraise to continue investing in Indonesia.