Grab announced Wednesday that it has raised another US$1.46 billion, bringing its total funding for the company’s Series H round to US$4.5 billion, making it the largest private fundraising round in Southeast Asia. Toyota Motor Corporation, Booking Holdings, Microsoft Corporation, Ping An Capital, and SoftBank were among the investors.
Grab’s president Ming Maa also told Reuters that the company has plans to continue seeking investors from around the world, but stressed that there are no plans for an IPO.
The company intends to use its new funds to further its services in Singapore and Indonesia. Some of the partnership services announced by Grab last year include on-demand video (through Hooq), insurance (with Ping An Good Doctor), and hotel bookings (through Booking Holdings).
GrabFood and GrabExpress will be the company’s main growth focus for the Indonesian market alongside other new services. The company claims to have a 60% market share of Indonesia’s two-wheel transportation market and 70% for the country’s four-wheel market. For mobile payments in the country, Grab partners with OVO and Tokopedia.
Meanwhile, Grab’s largest regional competitor Go-Jek is in the midst of courting banks for up to US$3 billion in investments. Like Grab, it is also making rapid moves in Southeast Asia, eager to appease customers, drivers, and investors. For instance, Go-Jek’s subsidiary is in full operation in Bangkok. It has also rolled out standard earnings insurance packages for drivers in Singapore.
Editor: Brady Ng