Company targeting $6.5bn of total capital in 2019 as it eyes becoming an app-for-everything in Southeast Asia
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.
Grab later said it expects to invest a significant portion of the funds in Indonesia. Reuters first reported the funding target earlier on Monday. Grab’s huge financing round started shortly after the firm bought the Southeast Asian operations of US peer Uber Technologies in March 2018. Both Grab and Go-Jek started out in ride-hailing and have since amassed millions of users with cut-rate prices. Go-Jek’s backers include Temasek Holdings, Tencent Holdings and Alphabet’s Google.
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