SouthEast Asia’s Top Ride-Hailing Service Grab Aims $5B - MobileAppDaily
technology

Grab Sets $5B Aim To Keep Up With Asia’s Ride-Hailing Services

In order to compete with Southeast Asia’s ride-hailing services, Grab sets a target of $5B

Grab Sets $5B Aim To Keep Up With Asia’s Ride-Hailing Services

Grab, one of the top ride-hailing services in Southeast Asia is now targeting for 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 company 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 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

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.

Top Companies

InMobi
Singapore
Dot Com Infoway
New York, USA
M&C Saatchi Mobile
New York City, USA
Techmagnate
New Delhi, India
Fetch
London, UK
View full report

Latest Articles

Join our global community 135K Followers
technology

How You Can Watch Apple's Event Live On Your Device

4 min read  

Less than 12 hours left for Apple to Livestream its most hyped Event till date and share the latest innovation with the world. The company is celebrating the 10th anniversary of the iPhone with the inauguration of Steve Jobs Theater at Cupertino.Apple is expected to announce the most hyped iPhon

technology

Google Launches A Hands-Free Control App For The People With Limited Mobility

2 min read  

Google introduced a new app to help the user’s with mobility issues while accessing their smartphone. The company named the app, ‘Voice- access’ that enables the users to navigate through mobile and apps, write and edit text via voice commands. The app will take over your phone and

technology

Apple Music App Gets A 'Music Videos' Section

4 min read  

Apple announces to add a dedicated section for the music Videos in Apple Music app for the users. The change is coming as a part of the iOS 11.3 update, however, the company added the section prior to the public release of the latest iOS update. The Video option started appearing in the Apple Music

technology

New APK Enables The Pixel 2 Camera Portrait Mode Feature On Non-Google Devices

4 min read  

Google’s flagship phone Pixel 2 was launched by the company in October 2017 is leading category of smartphones with the best camera quality. With the help of Google’s enhanced camera software and hardware combination, the smartphone is able to capture the best clicks. Among all the new c