Grab, the Singapore based ride-hailing service has bagged $2 billion in new funding, amplifying its efforts to offer more on-demand services, in addition to the usual ride-hailing. This new funding includes $1 billion previously pledged by Toyota in June of this year. Other investors include Vulcan Capital, OppenheimerFunds, Ping An Capital, Lightspeed Venture Partners, Macquarie Capital and All-Stars Investment among others.
Earlier investors include SoftBank and Didi Chuxing, both of whom led a previous round of mega funding that later saw Grab strike a deal with Uber, resulting in the American company leave the Southeastern markets. It was a mutually beneficial decision that saw Uber walk away with an astounding 27.5% stake in Grab.
Additionally, Grab has released a statement saying that this round of funding is still open. With the investments figures being seen, it should come as no surprise if the total capital raised is even higher. With Uber no longer a competitor in Southeast Asia, the main rival for Grab is Go-Jek, the Indonesian services provider that is backed by Chinese giants Tencent and Meituan.
This latest round of funding will certainly help Grab to gain additional ground on its vision to offer services other than ride-hailing. Some of those include online payments and food delivery. Grab aims to roll out its offline-to-online services that will help offline vendors to reach out to potential customers over the internet.