Grab is seeking another US$2 billion in funds this year to drive its expansion plans in Southeast Asia, specifically Indonesia, where it says it will be four times bigger than its closest rival by end-2019. The announcement comes less than a month after it secured US$1.46 billion from Japan’s Softbank Vision Fund, which has been investing in the mobile app platform since 2014.
If successful, the latest funds would push its total capital to US$6.5 billion by the end of the year, said Grab in a statement on Monday. The company, which started out as a ride-sharing operator, said it was looking to “invest aggressively” and make at least six investments of acquisitions in the region in 2019.