Transportation company Grab completed $700 million in financing from an undisclosed investor.
Formerly Known as GrabTaxi, Grab is Southeast Asia’s leading ride-hailing platform, serving a region of more than 620 million people. It began as a taxi-hailing app in 2012, and has extended its product platform to include private car services (GrabCar & GrabShare), motorcycle taxis (GrabBike), social carpooling (GrabHitch), last mile delivery (GrabExpress), and mobile payments services (GrabPay). Currently, Grab offers services in Singapore, Indonesia, Philippines, Malaysia, Thailand, Vietnam, and Myanmar.
Proceeds will be used to help expand its car rental program.
Grab Closes $700 Million
Credit: grab.com