Tech giant Grab to target parcel delivery with new funding
Grab – the South east Asian tech giant known for a range of transport-focused services – has raised another $1.5 billion, taking its series H round to $4.5 billion.
The company currently offers ride-hailing transport services, food delivery and payment solutions and says it plans to double down on its existing services and launch new ones, covering parcel delivery, digital payments, financial services, and more.
The latest investment arrived via the SoftBank Vision Fund (SVF), a $100 billion investment fund set up by Japan’s SoftBank, which has previously invested in Grab alongside such big names as Microsoft, Toyota, and Hyundai.
“The investment is a clear statement of belief in our vision to grow Southeast Asia’s technology ecosystem as the region’s number one super app,” said Grab CEO and cofounder Anthony Tan. “Looking ahead, we aim to continue improving the lives of many millions of Southeast Asians by providing enhanced income opportunities through our platform and giving our users more choice and convenience.”
David Thevenon, Partner at SoftBank Investment Advisers, said: “We have been working alongside Grab for a number of years and are privileged to support the evolution of its user-driven technologies. This investment will help the company explore exciting new opportunities across on-demand mobility, delivery and financial services as it continues to grow its offline-to-online platform across Southeast Asia.”
Grab has now raised nearly $9 billion since its inception in 2012. Grab bolstered its growth last year when it merged with Uber in Southeast Asia.