Cha-ching! Ride-booking startup Grab yesterday announced it has raised US$2 billion in what could be the biggest single financing round in Southeast Asia ever.
Grab said the massive cash injection from China’s Didi Chuxing and Japan’s Softbank Group Corp is hoped to fuel its expansion, particularly with its new mobile payment platform.
Didi, China’s largest ride-booking company, and Japan’s internet giant Softbank, are both existing investors of the startup that will lead the current round of financing. Grab said it is also raising an additional US$500 million from other backers.
With these investments pouring in, Grab is on its way to become the most valuable startup in this region worth over US$6 billion.
Known as the Uber of Asia, Grab has a dominant market share of the ride-booking market in the Southeast Asian region. The startup operates in over 65 cities across Singapore where it is headquartered, Malaysia, Indonesia, Thailand, Philippines, Myanmar and Vietnam.
The company launched its cashless payments platform GrabPay late last year. Recently, it has acquired Indonesian online payment startup Kudo to help accelerate GrabPay.