Microsoft & SoftBank funnel in as Grab raises $4.5bn in recent Series H Funding

BFSI News

Microsoft-SoftBank-funnel-in-as-Grab-raises-4.5bn-in-recent-Series-H-Funding Microsoft & SoftBank funnel in as Grab raises $4.5bn in recent Series H FundingGrab, a Singapore-based delivery tech mobile platform, as per a recent press release statement has raised $4.5 billion in recent Series H funding round.

Last year, Grab purchased Uber’s operations in the region, the deal has returned fruitful results for the Southeast Asian delivery giant, with the company doubling its transport revenue and growing its food delivery revenue by 45 times. With such remarkable growth figures, Grab has attracted much attention, with Softbank Vision Fund funneling $1.46 billion in the recent Series H funding, which was participated by other investors including Toyota Motor Corporation, Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft, Ping An Capital, and Yamaha Motor.

According to Anthony Tan, co-founder, and CEO of Grab, the recent investment is a clear indication of industry’s belief in Grab’s vision to boost growth in Southeast Asian technology ecosystem as the region’s leading super app.

Last year in 2018, the company announced its clear intentions to expand in fields such as financial services, food delivery, parcel delivery, content, and digital payments, and roll out new services, powered by the Grab Platform. The planned rollout of these new services includes on-demand video services with HOOQ; digital healthcare services with Ping An Good Doctor; insurance services with ZhongAn International; and hotel bookings with Booking Holdings. In addition to this, last year the Grab Financial Group secured e-money licenses, making it the only platform to have e-money access across six largest Southeast Asian economies.