Southeast Asia's Grab to announce fresh $1 billion funding: source


(Reuters) – Southeast Asian ride-hailing company Grab is set to announce that it has secured new investment of $1 billion that will help it grow its payments business, a source familiar with the matter said.

A Grab motorbike helmet is displayed during Grab’s fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su

The funding will come from parties including U.S. investors and strategic backers, said the person, who declined to be identified as he was not authorized to speak to media.

Grab declined to comment.

The funding comes after Toyota Motor Corp agreed in June to buy a $1 billion stake in Grab as the lead investor in a financing round launched after Grab acquired Uber Technologies Inc’s [UBER.UL] operations in Southeast Asia.

Six-year-old Grab, which counts Chinese ride-hailing firm Didi Chuxing and SoftBank Group Corp as backers, was valued at just over $10 billion after the automaker’s investment, according to a person familiar with the…

Read the Full Story here