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Home / Business / Grip to raise $ 6.5b in funding by the end of this year, SoftBank to fill up

Grip to raise $ 6.5b in funding by the end of this year, SoftBank to fill up



Singapore Headquarters Grab plans to raise $ 6.5 billion in an extended capital raising exercise by the end of this year, President Ming Maa told DEALSTREETASIA on Monday.

The Deka grain had last announced about $ 1.46 billion in March SoftBank Vision Fund which brought its current series H-round to $ 4.5 billion. The new fundraising target means that it will now increase another $ 2 billion in funding this year.

May said that the additional capital will be increased by the holding company and its subsidiaries / business units. Grab had announced in January to retrieve $ 200 million from the Central Group for its Thai unit, which was not part of its H funding.

He said the company has unlimited support from SoftBank Group Corp and plans to complete the fundraising of the Japanese company and new investors.

"This huge amount of support has given us considerable confidence to further accelerate our business. Masa [Son] is very pleased with our progress and will provide unlimited support to ensure we grow and win the markets in SEA," says Maa.

In a statement later published by Grab, co-founder and CEO Anthony Tan said: "The support of strategic investors such as SoftBank and others will allow us to grow very aggressively this year across our vertical payments, transportation and food. At our current growth levels, we expect to be four times larger than our closest competitor in Indonesia and across the region by the end of the year. "

Other investors in the round include Toyota Motor Corporation, Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital and Yamaha Motor.

Grab has previously said it plans to use its growing pile of capital to expand its super-app strategy across the region, focusing on Indonesia ̵

1; the home of archrival GOJEK – where the Singapore firm claims to be a leader in walking and O2O (online-to-offline) services.

On Monday, Maa said on Monday will also be used to invest in or purchase six companies this year in food supplies, O2O services and financial services.

We had reported in March that Grab was in talks with Alibaba Group Holding Ltd, the subsidiary Ant Financial to acquisition financing for its financial service unit The discussions are related to a potential investment by Ant Financial in the Grab Financial Group and not in the holding company. [19659002] TechCrunch later reported that these discussions include spins by Grab Financial. Maa refused to comment on fundraising plans for the Financial Services Unit.

In a dig on competitor GOJEK, which is aimed at raising up to $ 2 billion in its G series, Maa said, "When we announced $ 4.5 billion, $ 1.5 billion from SoftBank. was predominantly from new investors, so it's a unique fundraising, if you compare this with GOJEK, I think they've increased $ 1 billion, and I think it comes mainly from insiders. ”

Also read:

Grab raises $ 1.46b from the Vision Fund, jumping up series H to $ 4.5b


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