Have you guys heard about Grab? If you haven’t then let us tell you a little something about it. Grab is now officially the largest rival company for Uber in Southeast Asia, a company that showed Uber that it is not that easy to capture the Asian market.
Grab has however confirmed that they have just raised $750 million in fresh capital this quarter. The list of investors for the company’s series F round is quite long and also include their biggest and most trusted investor SoftBank. New investors have also been added this year, names of whom are not yet disclosed, but the buzz surrounding Grab was China’s Didi Kuaidi will also be investing in this venture but whether the rumors are true or not, neither side is confirming that.
Reports state that this round of valuation is considered to be the most promising ever for Grab, as post money valuation of the company comes to a round off of $3 billion. Last time around this same valuation barely crossed the mark of $2 billion and such a big leap means more promising services by the company.
The brand which has seen more than 21 million app download yet and is employing almost 4,00,000 drivers can reach the raise of $1 billion this year. Which clearly indicates the heights the brand that reached in such short time and till now it only operates in 6 Southeast Asia countries.
This new funding was much needed states a source close to the company, as Grab wants to expand its in-app payment system and make it available to third parties which will be a great move keeping in mind all the other digital wallets.
The GrabPay will however focus mainly on Indonesia where the company has a hold on the market already and national bank of Indonesia, Mandiri is also an associate partner of the company. This is it for now, stay tuned for more news and interesting articles.