Anthony Tan, Grab’s chief executive, announced plans to raise $2 billion by the end of 2019, Reuters reports. These funds will be used to expand the firm’s activity.
It is noteworthy that Grab recently managed to attract more than $4.5 billion during the biggest round of private financing in Southeast Asia. Tan revealed the company’s intention to create a universal everyday application for the 650 million people inhabiting the region.
Grab is operated by SoftBank, a Japanese media corporation. According to Tan, the latter will also provide Grab unlimited support in the future.
Meanwhile, Grab has a direct competitor in the Indonesian region — the Go-Jek project. Both firms conduct investment rounds for billions of dollars to develop a universal product for residents of the region who use a smartphone for everyday activities.