Ride Hailing Firm Grab To Raised $5 Billion In Another Series H Tranche

Image
Grab

Singapore headquartered ride-hailing giant Grab has continued its upward journey as it has now bagged a $5 billion in its another Series H tranche. Notably, the company had set a target of $3 billion for the Series H round. While Grab is yet to release a statement or give confirmation about this as yet but one would hope that the beginning of the year for the Southeast Asia firm is going to be excited.

During the earlier tranche of the Series H round investment likes of Toyota, Microsoft, Booking Holdings and Yamaha Motors have infused capital. Yamaha had already infused $150 million prior to participating in the Series H round. The other top names who have backed the firm includes Kasikorn Bank, All-Stars Investment,  GGV Capital, Vertex Ventures, Tiger Global Management, Qunar, Didi Chuxing, China Investment Corporation.

For this tranche, there were reports that it will Japanese investment giant SoftBank’s Vision Fund will be going to lead the round. The reports suggested that SoftBank will be pumping about $1.5 billion.The platform one of the most capitalized startups in the history of Southeast Asia region where it now has raised about $6.8 billion. The valuation of the company during the never-ending Series H investment round was about $11 billion.

With respect to the user base, the company claims to be the fastest growing in the region. The app of the company has been downloaded by over 130 million users who have used the platform for more than 2.5 billion rides. It had recently acquired the Southeast business of ride-hailing giant Uber.

The firm competes with Indonesian firm Go-Jek which has backing from Tencent, Meituan, and Google, the current round will mean that Grab will go into the new year with the upper hand.

 

Image Courtesy : yahoonews

Add new comment

About Author