Singapore Headquarters Grab plans to raise $ 6.5 billion by the end of this year for expanded capital raising, said President Ming Maa on Monday DEALSTREETASIA . The Decacorn had recently announced that it had raised $ 1.44 billion in SoftBank Vision Fund in March, raising its ongoing Series H round to $ 4.5 billion. The new fundraising target means that it will now raise an additional $ 2 billion this year.
Maa said the additional capital will be raised by the holding company and its subsidiaries / business units. In January, Grab had announced that he would raise $ 200 million from Central Group for his Thai unit, which was not part of the H series financing.
He said the company had "unlimited support" from SoftBank Group Corp. and that fundraising should be completed with additional capital from the Japanese company and new investors.
"This tremendous support has given us great confidence to further accelerate our business. Masa [Son] is very pleased with our progress and will fully support to ensure that we grow and win the markets in SEA, "said Maa.
In a statement later by Grab, her co-founder and CEO Anthony Tan said, "Support from strategic investors like SoftBank and others will enable us to grow very aggressively in the areas of payments, transportation and food this year, and at our current growth rates, we expect to see four times as much by the end of the year Becoming as big as our next competitor in Indonesia and the entire region. "
Other investors in the round included Toyota Motor Corporation, Oppenheimer Funds and Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital, and Yamaha Motor.
Previously, Grab had announced his growing capital pile for the expansion of his S uper app strategy throughout the region focusing on Indonesia to use homeland of the archrival GOJEK ̵
We reported in March that Grave had conducted talks with Ant Financial Group Holding Ltd, Ant Financial, to raise funds for his financial services division . The discussions refer to a potential investment by Ant Financial in the Grab Financial Group and not in the holding company.
TechCrunch later reported that these discussions included the spin-off of Grab Financial. Maa declined to comment on fundraising plans for the financial services department.
In a dispute with rival GOJEK, which aims to raise as much as $ 2 billion in its Series G round, Maa said, "When we announced the $ 4.5 billion, it was 1 , 5, billions were from SoftBank. The remainder came mainly from new investors and is therefore a unique fundraising. If you compare that to GOJEK, I think they raised $ 1 billion, and I think it was mostly from insiders.
Grave Brings $ 1.46 Billion Out of the Vision Fund Increases Series H Total to $ 4.5 Billion