Top Stories
Top Stories
Transportation

Grab raises additional $1 billion funds from financial firms

Key Points
  • Southeast Asian ride-hailing company Grab said it has secured new investment of $1 billion from a clutch of financial firms, including global asset manager OppenheimerFunds and China's Ping An Capital.
  • The funding comes after Toyota Motor in June bought a $1 billion stake in Grab as the lead investor in a financing round launched following Grab's acquisition of Uber Technologies' operations in Southeast Asia.
Indonesia Grab bike riders waiting for passengers in Jakarta.
Afif C. Kusuma | iStock Editorial | Getty Images

Southeast Asian ride-hailing company Grab said on Thursday it has secured new investment of $1 billion from a clutch of financial firms, including global asset manager OppenheimerFunds and China's Ping An Capital.

The funding comes after Toyota Motor in June bought a $1 billion stake in Grab as the lead investor in a financing round launched following Grab's acquisition of Uber Technologies' operations in Southeast Asia.

Other investors in the new funding include Microsoft co-founder Paul Allen's Vulcan Capital, Macquarie Capital and Lightspeed Venture Partners.

Grab, which started as a taxi-booking firm six years ago, has been transforming itself into a consumer technology group, offering services such as digital payments and food delivery.