Grab aims to raise another $2bn as it ramps up expansion
Company targeting $6.5bn of total capital in 2019 as it eyes becoming an app-for-everything in Southeast Asia
Singapore — Grab aims to raise another $2bn in 2019 as it ramps up expansion, says its CEO, just weeks after announcing more than $4.5bn of funding in what has become Southeast Asia’s largest round of private financing. “We expect to raise $6.5bn of total capital this year,” Anthony Tan said on Monday in an interview, in which he laid out Grab’s strategy to become an app-for-everything in Southeast Asia, home to about 650-million people. Grab later said it expects to invest a significant portion of the funds in Indonesia. Reuters first reported the funding target earlier on Monday. “We basically received a very strong vote of confidence. And Masa shared that SoftBank is very happy with Grab and that SoftBank will provide unlimited support to power our growth,” said Tan, referring to SoftBank Group founder and CEO Masayoshi Son. SoftBank did not immediately respond to a request for comment. The funding will be raised from strategic investors and be a mix of debt and equity, said ...
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