It will use funds to expand growth into Indonesia and increase R&D
After speculations back in August of a sizeable fundraising round, Grab has announced that it has officially sealed the deal.
A US$750M deal, that is.
SoftBank led the expanded and oversubscribed round, with participation from existing and new investors.
Grab plans to use the newly-raised capital to expand its presence in Indonesia and invest in growing its mobile payment service GrabPay.
It recently partnered with Indonesia’s second biggest local bank Mandiri to offer a mobile wallet service. It also partnered with Lippo Group to allow customers to make purchases with GrabPay at Lippo’s department stores, coffeeshops, e-commerce platform and cinemas.
Grab will also continue to invest in machine learning and data science capabilities to “develop innovative features like Flash that pools cars and taxis, improve back-end routing capabilities, and build its proprietary POI mapping database.”
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