Grab, the most popular ride-hailing app in Southeast Asia, will end 2018 with $3 billion in new funds as it seeks to fend off rivals in a region of more than 600 million people.
The Singapore-based startup has raised more than $2.7 billion so far this year and will get to $3 billion “before New Year’s bell,” President Ming Maa said in an interview Tuesday with CNN Business.
The new funding, which includes a $1 billion investment from Toyota (TM) in June, values Grab at over $11 billion, according to a person familiar with the company.
Grab made international headlines in March when it bought Uber’s operations in eight Southeast Asian countries. The startup now dominates those markets, but it no longer wishes to be known as a ride-hailing company.
Source: CNN Technology News
Date: December 6th, 2018
Link (includes 2 minute video): https://www.cnn.com/2018/12/04/tech/grab-president-ming-maa/index.html
1) “Grab wants to be a “daily lifestyle platform,” Maa said, as it expands into areas like digital payments and health care services”. How can a ride-hailing company move into digital payments and health care?
2) Should Uber and Lyft be looking to move in the same direction as Grab?