Consumer, Industry

Ping An Capital Joins $2B Funding Round In Southeast Asia’s Ride-hailing Firm Grab

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Didi-backed ride-hailing platform Grab Holdings Inc. (Grab) announced that it has raised US$2 billion for its current round of financing.

Last month, Japanese automaker Toyota Motor Corporation has announced a US$1 billion investment in Grab. Toyota has been joined by investors including Ping An Capital, Oppenheimer Funds, Lightspeed Venture Partners, Mirae Asset – Naver Asia Growth Fund, Cinda Sino-Rock Investment Management Company, All-Stars Investment, Vulcan Capital, Macquarie Capital among others.

“We are honoured to welcome these top-tier financial institutions into our roster of strategic investors and partners…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,” said Ming Maa, President of Grab.

Grab said it will use the funds to expand the range of O2O services it provides in Southeast Asia to grow to a super local services app, one like China’s Meituan Dianping.

Currently, users can use Grab app to pay merchants through GrabPay, order food through GrabFood, send parcels through GrabExpress, and hail ride with Grab’s range of transport services.

In July, it also announced the launch of GrabFresh, an on-demand grocery delivery service in Jakarta, with other cities to follow later in 2018.

In particular, Grab will use a significant portion of the proceeds from the current fundraise to continue investing in Indonesia. Grab has over 7.1 million micro-entrepreneurs on its platform, more than half of whom reside in Indonesia.

 

 


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