Grab secures US$1.5 billion from SoftBank fund
Grab says it is expanding its financial services and food and parcel delivery businesses. – AFP pic, March 6, 2019.
SOUTHEAST Asian ride-hailing firm Grab said today it has secured US$1.5 billion in fresh financing from a fund run by Japan’s SoftBank and will use a significant portion of it to expand in Indonesia. Grab has seen its business grow rapidly since it bought US-based rival Uber’s regional ride-hailing and food business in March last year. Uber received a 27.5% stake in Grab in return.
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