Grab closes funding round with USD4.5 billion war chest

Friday, 08 Mar, 2019 0

Ride sharing giant Grab has closed out its latest funding round with a colossal $4.5 billion, including nearly $1.5 billion from long term investor SoftBank Vision Fund.

That puts its valuation at a reported $14 billion and it plans to keep raising more, says president Ming Maa.

Maa says there is still big demand from investors. The just closed year-long funding round bagged big investment from the likes of Toyota Motor Corp and Hyundai Motor Co as well as Microsoft Corp.

Grab will not be going down the IPO route like Uber and Lyft anytime soon and will continue to focus on building out its so-called ‘super app.’

Moving beyond the core ride sharing and food delivery, Grab will launch on-demand video streaming with provider HOOQ, digital health screening and a partnership with Booking.com for in-app hotel reservations.

The company doubled revenues to over $1 billion in 2018 and said it is profitable in some of its more established markets.

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Editor for TravelMole North America and Asia pacific regions. Ray is a highly experienced (15+ years) skilled journalist and editor predominantly in travel, hospitality and lifestyle working with a huge number of major market-leading brands. He has also cover in-depth news, interviews and features in general business, finance, tech and geopolitical issues for a select few major news outlets and publishers.

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