News

Grab Aims $5B to Keep Up With Asia’s Ride-Hailing Services

Grab is also said to be one of the highest-reaching consumer Internet companies in Southeast Asia locations.

Grab Aims $5B to Keep Up With Asia’s Ride-Hailing Services

Grab, one of the top ride-hailing services in Southeast Asia is now targeting a much bigger aim than what was set earlier. In the first quarter of 2018, the Grab company successfully acquired Uber’s local business and is now eying to raise a total of $5 billion in its Series H round that is currently going on. 

In addition to this, it has also been reported that the Grab app's original was set at an amount of $3 billion. Although, there hasn't been any confirmation from the company Grab itself. The Series H round initially started in the month of June and includes contributions from companies like Toyota, Yamaha Motors, Booking Holdings and many other names from the mobile industry like Microsoft.

Before this, the company stood at a mark of $2.7 billion but after the contribution of $150 million from Yamaha organization the Grab app $5 billion amount was raised. An official announcement was made by Grab executives that stated, 'Grab is on its track to raise over $3 billion by the end of the year 2018'.

In order to raise $5 billion, Grab is also planning to initiate funding of $1.5 billion by SoftBank’s Vision. Apart from this, CrunchBase reported that the Grab app in Singapore has been named as one of the most capitalized startups in the history of Southeast Asia that has successfully raised approximately $6.8 billion from investors to date.

Grab is also said to be one of the highest-reaching consumer Internet companies in Southeast Asia locations. It is claimed that the Grab app has more than 130 million downloads and over 2.5 billion completed rides till now. And if we look at the financial side, the ride-hailing firm is also assumed to not be profitable yet while making a total of $1 billion in revenue. 

Acquiring Uber's local business has made Grab an even more dominant ride-sharing operator in the region of Singapore and the Philippines. This also acted as a suitable opportunity for Go-Jek, a rival in Indonesia, to step up and expand its ride-hailing business into emerging markets. 

Also, if you want to stay tuned with the latest updates regarding the Grab app and other ride-hailing services then make sure you 'Subscribe' to MobileAppDaily and never miss a trending notification from the mobile app industry.

Tanya <span>Editor In Chief</span>
Written By
Tanya Editor In Chief

She is a content marketer and has more than five years of experience in IoT, blockchain, Web, and mobile development. In all these years, she closely followed the app development, and now she writes about the existing and the upcoming mobile app technologies. Her essence is more like a ballet dancer.

News

Apple May Be Launching A Red iPhone Today

4 min read  

Apple may be coming up with a little surprise for its fans today by adding a new color to the iPhone. According to the reports, the company may be introducing a red color model for its iPhone 8 and iPhone 8 Plus lineup. Apple is launching the red color iPhone to honor its 11-year-old partnership wit

News

Meditation App Calm Raises $88 Million In Series B Funding

2 min read  

The well-known meditation and wellness app, Calm has raised $88 million in Series B funding that has helped the app to be valued at $1 billion. Calm is one of the best wellness apps available in the market.The financing round was led by TPG Growth, partnered with Creative Artists Agency (CAA), a

News

AI-Driven Chat-Based Hyperlocal Services App Dunzo Raises $3.1M In Series C Funding

2 min read  

Artificial Intelligence-driven on-demand task manager app Dunzo has raised $3.1 million in a Series C funding round. The investment round was led by Milestone Trusteeship Services, N Lakshmi Narayanan (former Cognizant CEI), Monika Garware Modi, and the Raintree Family.The startup which was foun

News

How To Download And Use TweakBox App Installer

4 min read  

TweakBox is one of the most popular third-party app installers, with hundreds of apps, games, tweaks, modified content and more. It is free to use; it doesn’t require Cydia so keep reading to find out how to download it.How to Download TweakBox?Here’s how you can easily download

MAD Originals
MAD Originals

Cut to the chase content that’s credible, insightful & actionable.

Get the latest mashup of the App Industry Exclusively Inboxed

  • PRODUCTS
  • SERVICES
  • BOTH