Singapore’s Grab outlined ambitious fundraising plans and predicted that sales will double next year, adding to evidence that Southeast Asia’s most valuable startup is expanding well beyond its roots as a ride-haling app while intensifying a rivalry with Indonesia’s Go-Jek.
Revenue will double to $2 billion in 2019 as it integrates the acquisition of Uber Technologies Inc.’s regional business and delves deeper into new areas from bike-sharing to digital payments. It’s on track to raise $3 billion of funding before the end of this year, co-founder Hooi Ling Tan said at Bloomberg’s Sooner Than You Think technology summit in Singapore. That includes $1 billion from Toyota Motor Corp., the Japanese automaker’s biggest investment in ride-hailing to date.
