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Grab raises fundraising target to $5B as Southeast Asia's ride-hailing war heats up

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编辑: 1   作者: Techcrunch   时间: 2019/3/18 16:35:44  

Southeast Asian ride-hailing firm Grab is aiming to start the new year with a bang and an awful lot of bucks. The company, which acquired Uber's local business earlier this year, is planning to raise as much as $5 billion from its ongoing Series H round, up from an original target of $3 billion, a source?with knowledge of the plan told TechCrunch.

Grab declined to comment for this story.

That Series H round has been open since June. Already, it has seen participation from the likes of Toyota, Microsoft, Booking Holdings and Yamaha Motors, which have pushed it close to the original $3 billion target. Prior to raising $150 million from Yamaha, Grab said the round stood at $2.7 billion. While it is true that the company first announced that it was "on track to raise over $3 billion by the end of 2018," it is not public knowledge that it has set its sights as high as $5 billion.

A big part of that expansion is a planned investment from SoftBank's Vision Fund which, as TechCrunch reported last week, is aiming to pump up to $1.5 billion into the business. Adding that to the $3 billion total appears to leave a further $500 million allocation for other investors to take up.

Grab is already the most capitalized startup in Southeast Asia's history, having raised?around $6.8 billion from investors,?according to data from Crunchbase. The company was last valued at $11 billion - when Toyota invested the initial $1 billion in this Series H six months ago - and it is unclear how much that valuation will increase when the round is completed.

The company is also one of the widest-reaching consumer internet companies in Southeast Asia, a region of 650 million consumers. Grab?claims more than 130 million downloads and more than 2.5 billion completed rides to date, while it has expanded into fintech and it is?going beyond a ride-hailing app to offer Southeast Asia a "super app" in the mold of Meituan in China. On the financial side, Grab is assumed to not yet be profitable. But it has said that?it made $1 billion in revenue and that it?projects that the figure will double in 2019.

Buying Uber's business made it the dominant ridesharing operator in the region - a position that saw it pay fines in Singapore and the Philippines - but Uber's exit also saw Go-Jek, a rival in Indonesia, step up and expand its business into new markets. Go-Jek - which is backed by the likes of Tencent, Meituan and Google -?entered Vietnam?in August, and has recently launched in Thailand and Singapore as it bids to step into Uber's shadow.

With Go-Jek aiming to raise $2 billion of its own, it certainly looks like Grab's extension of its already-enormous Series H round is aimed at increasing its war chest as the competition intensifies in post-Uber Southeast Asia.

Southeast Asia exit deal is a win, not a defeat, for Uber