Uber Rival Grab to Go for Fresh Round of Fundraising

Published By : 07 Jun 2017 | Published By : QYRESEARCH

Grab, the biggest competitor to Uber Technologies Inc. in South East Asia, is expected to commence a fresh round of fundraising in the near future. The company is looking forward to expanding its business in areas like financial services, told its co-founder Anthony Tan on Tuesday, June 6, 2017.

Grab, a five-year-old start-up, is riding high on the tremendously increasing user base of its GrabPay function and Grab ride-hailing app. The company is aiming to convert into a consumer technology enterprise that also offers loans and provide assistance in money market funds and electronic money transfer.

With more than 930,000 drivers in fifty-five cities across seven nations, Grab assists as many as 2.5 mn rides on a daily basis, establishing it as the biggest ride-hailing platform in the South East Asian region. The firm also offers microfinance to drivers for purchasing smartphones and has been assisting them in open their bank accounts. Now the company is looking for broadening its financial services and building up a consumer brand, as it seeks expansion.

In September 2016, this Singapore-based company raised US$750 mn in a funding round with the officials valuing it at more than US$3 billion. Didi Chuxing, SoftBank Group Corp., China Investment Corp., and Vertex Ventures Holdings are its current investors.

Recently, the Enterprise introduces a pool service called JustGrab, which pools private cars and taxis together and assists passengers in booking a cab quicker. Along with JustGrab, GrabHitch and GrabShare shuttle and car-pooling services are the existent offerings by the company.

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