Grab Pulls In $2 Billion to Finance Ride-Hailing Battle
- OppenheimerFunds, Ping An Capital join $1 billion addition
- Funding comes after Grab secured $1 billion from Toyota
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Singapore’s Grab raised $1 billion from financial investors on top of the $1 billion it secured from Toyota Motor Corp., as Southeast Asia’s leading ride-hailing startup expands its geographic reach and moves into services like food delivery and payments.
The startup, founded by Anthony Tan and Tan Hooi Ling, increased its financing round to $2 billion with money from Ping An Capital and Lightspeed Venture Partners as it wages a costly battle against Indonesia’s Go-Jek. The Jakarta-based rival is expanding outside its home turf and has announced it would invest $500 million to enter Singapore, Thailand, Vietnam and the Philippines.