Singapore-based on-demand ride platform Grab intends to increase its latest funding round, which already includes several corporate investors, from $4.5bn to $6.5bn, CEO Anthony Tan told Reuters today.
Grab’s ride hailing service is available in Singapore, Malaysia, Singapore, Indonesia, Thailand, Vietnam, Cambodia, the Philippines and Myanmar, and it also provides food and package delivery as well as a pet transportation option.
The new financing will largely be committed to investments in Grab’s Indonesian business. It will consist of a mixture of equity and debt, and telecommunications firm and existing backer SoftBank is expected to reinvest, according to Tan.
Tan said: “We basically received a very strong vote of confidence. And [SoftBank founder and CEO Masayoshi Son] shared that SoftBank is very happy with Grab and that SoftBank will provide unlimited support to power our growth.”
SoftBank’s Vision Fund invested $1.46bn in Grab last month at a $14bn valuation, to increase its series H round to more than $4.5bn. The company had said at the time that it did not consider the round formally closed.
Automotive manufacturer Toyota put up $1bn for the round, which includes a total of $250m from two more carmakers, Hyundai and Kia Motors, as well as travel booking platform Booking Holdings, shopping centre owner Central Group and motor vehicle provider Yamaha.
The round also features Ping An Capital, a corporate venturing subsidiary of insurance group Ping An, as well as software provider Microsoft, financial services firm Kasikornbank, leasing financer Tokyo Century and Mirae Asset – Naver Asia Growth Fund, which was co-founded by internet company Naver.
Macquarie Capital, a subsidiary of investment banking firm Macquarie, is also among the participants, as are OppenheimerFunds, Cinda Sino-Rock Investment Management, All-Stars Investment, Vulcan Capital and Lightspeed Venture Partners.
SoftBank first invested in Grab in 2014, when it was still known as GrabTaxi, adding $250m to earlier funding from travel agency Qunar, Vertex Venture Holdings, GGV Capital, Tiger Global Management and Hillhouse Capital.
The company’s existing backers include Chinese ride hailing platform Didi Chuxing, China Investment Corporation and Coatue Management.
