Grab bags US$700m debt facility

It also entered a partnership with SMRT to increase its car fleet.

Grab secured debt facilities of up to $700m from a Southeast Asian startup.

According to a press release, Grab will make more cars available for rental, provide more favourable rental terms and services for driver partners, and vehicle supply on the road.

The company also aims to have the largest car rental fleet in Q4. It partnered up with SMRT to add volume to its Singapore car fleet.

Grab will have exclusive access to SMRT’s current and future taxi and private car fleet management capabilities, in addition to its entire network of taxis and Strides private-hire cars.

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