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Grab hopes to raise USD 2bn: ceo
Posted on Tuesday, 09 April 2019 06:57
Singaporean ride-hailing firm Grab is planning another fundraising totalling USD 2.00 billion later this year, according to the company’s chief executive.
Speaking to Reuters, Anthony Tan said proceeds of the injection would be used to continue the group’s growth.
He added that SoftBank is likely to contribute to the round, which will be in the form of both debt and equity, noting that the Japanese conglomerate has committed to provide unlimited support to back the firm’s expansion.
This was borne out by comments from a SoftBank spokeswomen to the news provider, which noted that the ride hailing firm has its unwavering backing.
Reuters also picked up on a later statement issued by Grab, in which it said a vast portion of the proceeds of the financing will be used in Indonesia.
Tan added that, at present, the company is not planning to conduct an initial public offering as the significant funding it has received since being established in June 2012 makes this unnecessary.
Grab has certainly piqued the interest of investors in recent years; it is currently in the process of raising a Series H round, which stands at USD 4.50 billion at the time of writing and includes SoftBank, Hyundai, Kia Motors and Microsoft as investors.
The company has also been active as an acquiror, having picked up a 3.5 per cent stake in Vietnam-based online mobile payment platform operator Moca Technology and Service from Access Ventures SPV for an undisclosed consideration in September 2018.
In March last year, it acquired the Southeast Asia business of competitor Uber.
Although the precise value of that deal was not disclosed, Grab issued stock as consideration in a move which resulted in Uber owning 27.5 per cent of the company.
According to Zephyr, the M&A database published by Bureau van Dijk, there have been 894 deals targeting software publishers announced worldwide since the beginning of 2019.
The most valuable of these is worth USD 11.00 billion and involved a consortium led by Hellman & Friedman agreeing to pick up Ultimate Software Group.
© Zephus Ltd