Singapore-based ride-hailing giant Grab announced this week that it raised $1.46 billion from the SoftBank Vision Fund. This was part of a current Series H funding round of $4.5 billion. And this round also includes automakers Toyota and Hyundai Motor along with Microsoft, Ping An Capital, and OppenheimerFunds. This funding round brings Grab’s valuation to $14 billion, according to CNBC’s sources.
In a statement, Grab President Ming Maa said that the company saw “overwhelming shareholder support in our current fundraising round, with strong interest both in terms of capital invested and the quality of strategic partners.”
And Maa pointed out that Grab is receiving “new investor interest” and is looking forward to welcoming “more global industry leaders as partners in 2019.” This funding round started after Uber sold its Southeast Asia business to Grab in exchange for a 27.5% stake in the company.
“We are excited to be part of Grab’s journey as south-east Asia’s leading super app,” SoftBank CEO Masayoshi Son commented.
With this funding round, Grab will build more services on its platform and expand its presence in more services like digital payments, financial services, food delivery, and parcel delivery.
“This investment will help the company explore exciting new opportunities across on-demand mobility, delivery, and financial services as it continues to grow its offline-to-online platform across Southeast Asia,” added SoftBank Investment Advisers partner David Thevenon.
Over the past year, Grab has been increasingly diversifying the services it offers. For example, Grab established a partnership with video streaming company Hooq where users can stream TV shows and movies on the Grab app. And Grab announced last year that it is setting up a joint venture with healthcare platform Ping An Good Doctor on an AI-based medical service.
“The investment is a clear statement of belief in our vision to grow Southeast Asia’s technology ecosystem as the region’s number one super app,” explained Grab CEOco-founderunder Anthony Tan. “Looking ahead, we aim to continue improving the lives of many millions of Southeast Asians by providing enhanced income opportunities through our platform and giving our users more choice and convenience.”