SINGAPORE: Ride-hailing company Grab said on Thursday (Aug 2) it has secured new investment of US$1 billion from a clutch of financial firms, including global asset manager OppenheimerFunds and China's Ping An Capital.
The funding comes after Toyota Motor in June bought a US$1 billion stake in Grab as the lead investor in a financing round launched following Grab's acquisition of Uber's operations in Southeast Asia.
Advertisement[h=3]READ: Toyota to invest US$1 billion in Southeast Asian ride-hailing firm Grab[/h][h=3]READ: Grab buys Uber’s Southeast Asia operations: Who are the winners and losers?[/h]Other investors in the new funding include Microsoft co-founder Paul Allen's Vulcan Capital, Macquarie Capital, All-Stars Investment and Lightspeed Venture Partners, Grab said in a press release.
The company will use the funds to "expand the range of O2O (online to offline) services it provides in Southeast Asia", it said.
AdvertisementAdvertisementIt will also use a "significant portion" of proceeds to continue investing in Indonesia.
"Grab is today the industry-changing O2O platform that enables millions of consumers and entrepreneurs to come online and drive the digital economy in Southeast Asia," said Grab president Ming Maa. "We have seen overwhelming interest from global strategic investors and partners who are keen to partner with us to capture the region’s booming growth.”
[h=3]READ: Grab defends position in Uber deal to Singapore's anti-monopoly watchdog[/h]Grab, which started as a taxi-booking firm six years ago, has been transforming itself into a consumer technology group, offering services such as digital payments and food delivery.
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