- Singapore-based Grab has raised over $700 million from Mitsubishi UFJ Financial Group
Singapore-based Grab has raised over $700 million from Mitsubishi UFJ Financial Group, according to Bloomberg. Bloomberg’s sources pointed out that Mitsubishi UFJ Financial Group wants to make its financial services to Grab’s users.
Originally, Grab started out as just a ride-hailing service. But now it offers food delivery, hotel booking, and payment services. Grab is especially popular in southeast Asia, including in Indonesia, Malaysia, Thailand, Vietnam, and the Philippines. And Grab has been downloaded onto more than 166 million mobile devices in the area.
Including this funding round, Grab has raised nearly $10 billion. Some of Grab’s other investors include SoftBank, Yamaha, and Hyundai.
Grab was founded by Anthony Tan and Tan Hooi Ling in June 2012. While working at McKinsey, the consulting firm sponsored her MBA education at Harvard University. At Harvard, she met Grab co-founder Anthony Tan.
Tan was born into a wealthy family as his grandfather founded Tan Chong Motor, a Malaysian company that builds Nissan vehicles across Southeast Asia. Tan and Ling decided to launch Grab after winning a business competition based on improving passenger safety in Southeast Asia.