Grab raises US$750m in equity funding

RIDE-HAILING platform Grab has raised US$750 million in equity financing, increasing its total capital position to over US$1 billion.

The technology startup's long-term strategic partner, SoftBank, led an expanded, oversubscribed round, with participation from both new and existing investors, Grab said in a statement on Tuesday.

The company said that following the latest transaction, it has become the best capitalised technology startup and mobile Internet company in South-east Asia.

"This latest funding, the largest in the history of South-east Asia consumer technology, strengthens our ability to pursue long-term goals as we continue to build on our market leadership," said Grab group chief executive and co-founder Anthony Tan.

"We are particularly excited about the growth opportunity in Indonesia, where we see an almost US$15 billion market for ride-hailing services alone, as well as the potential to extend GrabPay's platform regionally," he added.

Grab operates a large transportation network in South-east Asia with up to 1.5 million daily bookings on its mobile platforms. It offers private car, motorbike, taxi, and carpooling services across six countries and 31 cities in South-east Asia, with one out of every four passengers using multiple services, it said.