Singapore's Grab Get New Funding From Softbank $1.46B
From Left to Right: Johnny Widodo - Director OVO, Achfas Achsien - Director of Asset Management for PayTren, Rudiantara - Communications and Information Minister, Fadjar Hutomo - Deputy for Capital Access of Creative Economy Agency (BEKRAF), Agung Widodo - Co-founder & COO of Kudo, Ridzki Kramadibrata - Managing Director Grab Indonesia, Gibran Rakabuming Raka - Advisor of Madhang, Cak Hari - Representative of OVO merchant posed together during the Third Stage of Grab 4 Indonesia Master Plan 2020 event - Photo Grab

JAKARTA (TheInsiderStories) – Singapore’ Grab Holdings Inc., received funding from Japan’ Softbank Vision Fund worth of US$1.46 billion. With this Series-H funding round, so far Grab has received total funding worth more than $4.5 billion.

Other investors included in the Series-H funding round are Toyota Motor Corp., Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital, and Yamaha Motor Corp.

Grab’ Co-Founder and CEO Anthony Tan, said SoftBank are long-term strategic investors for Grab and he is grateful for their continuing support for Grab’ growth.

“In the future, we aim to improve the lives of millions of people in Southeast Asia by providing opportunities that can increase their income through our platform, and provide various choices and convenience for users,” he said in written statement on Wednesday (03/06).

Partner at SoftBank‘ Investment Advisers David Thevenon, said that he had worked with Grab for many years and is an honor to be able to support the advancement of user-based technological evolution.

This investment will help Grab explore exciting new opportunities to meet all on-demand mobility needs, shipping services and financial services so that the company can continue to develop offline-to-online platforms throughout Southeast Asia.

President Grab Ming Maa, said it would continue to receive interest from new investors and hopes to welcome more global industry leaders as partners in 2019.

Grab will use this investment to develop the company’s vision as a super app in Southeast Asia, with more daily services, greater accessibility and convenience for its users. Grab plans to expand its services, such as financial services, food delivery, shipping goods, digital content and payments, and launching several new services that were announced earlier in 2018.

Some of the services that are available on the open platform Grab, GrabPlatform, include on-demand video services that work with HOOQ, digital health services, provision of insurance services; and hotel reservation services through cooperation with Booking Holdings.

In particular, Grab plans to invest a large part of its investment funds in Indonesia, because in Indonesia, Grab is an on-demand transportation that controls 60 percent of the two-wheeler market share and controls 70 percent of the four-wheel market share.

Grab’s business in Indonesia is growing rapidly, with revenues doubling in 2018. Grab will use this funding to accelerate the expansion of GrabFood and GrabExpress and run a new service business in Indonesia. Grab is part of the largest digital payment ecosystem in Indonesia through cooperation with Tokopedia and OVO.

Currently, GrabFood is growing rapidly in Indonesia, operating in 178 cities in Indonesia from only 13 cities in the previous year, with shipping volumes almost growing 10-fold in 2018.

As a group, Grab’s transportation business has grown rapidly since the acquisition of Uber in Southeast Asia, with revenues almost doubling from March 2018 to December 2018. GrabFood’s revenue grew 45 times over that time period. GrabFood has also been existing in 199 cities in six countries.

In 2018, Grab Financial Group has access to e-money licenses in the six largest economies in Southeast Asia. Since its launch in March 2019, Grab Financial Group has seen its monthly transaction growth almost five-fold by December 2018.

During the same period, instant delivery volume and same-day delivery from GrabExpress have also more than tripled at the regional level, and now already available in 150 cities.

Last year, the growth of the Grab ecosystem has grown significantly through collaboration with global industry leaders, such as Toyota, Hyundai, Microsoft and Mastercard.

Grab also established partnerships with national and regional industry leaders including Central Group and Kasikornbank in Thailand; OVO, BTN Bank, and Bank Mandiri in Indonesia; United Overseas Bank in Singapore; SM Investment Corporation in the Philippines; Moca in Vietnam, and Maybank in Malaysia.

Written by Staff Editor, Email: theinsiderstories@gmail.com

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