Singapore-based on-demand ride platform Grab on Friday secured an undisclosed amount of series H capital from consumer credit reporting company Experian’s investment arm Experian Ventures, adding to $4.8bn already raised.
Founded in 2012, Grab has built ride hailing service that is available in Singapore, Malaysia, Indonesia, Thailand, Vietnam, Cambodia, Myanmar and the Philippines. The company has also developed a mobile payment app, a food and parcel delivery service and pet transportation.
The company, which is targeting a $6.5bn close for the round by the end of this year, will put Experian’s investment towards is financial services offering and will collaborate with the corporate to develop products for the unbanked and loans for entrepreneurs.
Grab previously secured $300m in series H funding from Invesco in June 2019, adding to a $1.46bn commitment from SoftBank Vision Fund, the near-$100bn vehicle operated by internet conglomerate SoftBank, in March 2019.
Toyota kicked off the series H round with a $1bn cash injection in June 2018, which was followed by a $2bn second close in August that featured Ping An Capital, the corporate venturing unit of insurance provider Ping An.
Mirae Asset – Naver Asia Growth Fund, a joint venture set up by Naver and investment bank Mirae Asset Daewoo, also contributed to the second close.
Travel and accommodation booking platform Booking Holdings subsequently invested $200m in October, before carmakers Hyundai and Kia Motors provided a combined $250m in November.
Mall operator Central Group, motor vehicle provider Yamaha, software producer Microsoft, leasing financer Tokyo Century, financial services firm Kasikornbank and Macquarie Capital, a subsidiary of investment bank Macquarie, have also contributed to the round.
The round’s investors additionally include asset manager OppenheimerFunds, which has since been acquired by Invesco, Cinda Sino-Rock Investment Management, All-Stars Investment, Vulcan Capital and Lightspeed Venture Partners.
Grab’s total funding stood at $7.5bn as of last month, with SoftBank having first invested in 2014, when it put $250m into the company.
Grab’s earlier shareholders feature travel agency Qunar, ride hailing platform Didi Chuxing, Singaporean state-owned venture capital firm Vertex Ventures, GGV Capital, Tiger Global Management, Hillhouse Capital, China Investment Corporation and Coatue Management.
