Grab eyes US$1b additional funding for 2018

This would be on top of the US$2b they secured in earlier funding rounds this year.

Grab president Ming Maa targets to raise another $1.37b (US$1b) for 2018 to boost total funds built since April 2018 to a total of $4.11b (US$3b), Finance Asia reported.

The Singapore-bred ride-hailing firm has already raised its valuation to US$11b as of early August whilst on track its expansion drive across Southeast Asia, banking on the region’s internet economy which is expected to hit US$200b by 2025, according to a study by Google and Temasek.

“That creates a lot of opportunities for companies like ourselves who are disrupting and providing goods services for its customers,” Maa commented.

He added that the firm is also investing more in Indonesia which is the home of its rival Go-Jek.

Here’s more from Finance Asia.