Grab to announce new investment of $1 billion

Southeast Asian ride-hailing company Grab is set to announce that it has secured new investment of $1 billion that will help it grow its payments business, a source familiar with the matter said.

The funding will come from parties including U.S. investors and strategic backers, said the person, who declined to be identified as he was not authorized to speak to media, reports Reuters.

Grab declined to comment.

The funding comes after Toyota Motor Corp agreed in June to buy a $1 billion stake in Grab as the lead investor in a financing round launched after Grab acquired Uber Technologies Inc’s operations in Southeast Asia.

Six-year-old Grab, which counts Chinese ride-hailing firm Didi Chuxing and SoftBank Group Corp as backers, was valued at just over $10 billion after the automaker’s investment, according to a person familiar with the matter at the time.

Grab, which started as a taxi-booking firm six years ago, has been transforming itself into a consumer technology group, offering services such as digital payments and food delivery.

Earlier this year, Uber sold its Southeast Asian business to Grab in exchange for a stake in the Singapore-based firm, in a deal that has prompted regulatory scrutiny.


This article has been posted by a News Hour Correspondent. For queries, please contact through [email protected]
No Comments

Translate this News

Join the Facebook Group

Click here to join the Facebook group of News Hour

Popular Posts

Sacred Games exposes Rajshri Deshpande nude [video]
Samsung Bangladesh announced exciting offers at Dhaka International Trade Fair 2019
Anurag Kashyap shoots Kubra Saith 7 times nude and made her cry for frontal nudity scene [Video]
Huawei introduces EMI facilities for smartphone purchase in Bangladesh
Grameenphone brings in the iPhone 11 series in Bangladesh
Men who consume fish oil supplements might get a boost in fertility


News of the Month

Scroll Up
%d bloggers like this: