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Grab picks up $2 billion more to fuel growth in post-Uber Southeast Asia

Grab, the ride-hailing service that struck a deal to take Uber out of Southeast Asia, has announced that it has pulled in $2 billion in new capital as it seeks to go beyond ride-hailing to offer more on-demand services. The $2 billion figure includes a $1 billion investment from Toyota which was announced in June, and it sees a whole host of institutional investors join the Grab party. Some of those names include OppenheimerFunds, Ping An Capital, Mirae Asset — Naver Asia Growth Fund, Cinda Sino-Rock Investment Management Company, All-Stars Investment, Vulcan Capital, Lightspeed Venture Partners and Macquarie Capital. Grab confirmed that the round is still open, so we can expect that it’ll add more investors and figures to this deal. The deal values Grab at $11 billion post-money, which is the same as the $10 billion valuation it earned following the Toyota deal. The caliber of investors certainly suggests an IPO is on the cards soon — not that it ever hasn’t been — although the company didn’t comment directly on that when we asked. This new financing takes Grab to $6 billion from investors. Some of its other notable backers include SoftBank and China’s Didi Chuxing, which both led a $2 billion round last year which gave Grab the gas to negotiate a deal with Uber that saw the U.S. ride-hailing giant exit Southeast Asia in exchange for a 27.5 percent stake in Grab . From that perspective, the deal was a win-win for both sides . In this post-Uber world, Grab is transitioning to offer more services beyond just rides

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Southeast Asia’s Grab lands $1B from Toyota at a $10B valuation

Grab, the ride-hailing firm that acquired Uber’s Southeast Asia business earlier this year, is raising a new round of funding and it just announced that it will be led by Toyota, which is committing $1 billion in capital. The deal values Grab at over $10 billion, a source close to the company told TechCrunch. In return for its capital, Toyota will also get a board seat and the opportunity to place an executive within Grab’s team. Grab said it plans to work with its new investor “to create a more efficient transport network that will ease traffic congestion in Southeast Asia’s megacities” and help its drivers increase their income. In particular, that will involve close collaboration with the Toyota Mobility Service Platform (MSPF), which is working on areas such as user-based insurance, new types of financial packages and predictive car maintenance. “Going forward, together with Grab, we will develop services that are more attractive, safe and secure for our customers in Southeast Asia,” said Toyota executive vice president Shigeki Tomoyama in a statement. Toyota put money into Grab via its Next Technology Fund last year , but this time around the capital comes directly from the parent company. Hyundai is another automotive firm that has backed Grab . The new round follows a $2.5 billion investment that was jointly led by SoftBank and China’s Didi, two long-time investors put an initial $2 billion up for the round  last year. That round quietly closed at the start of 2018, Grab has confirmed but so far it hasn’t said who put up the additional money. The company’s valuation had been $6 billion but, unsurprisingly since the Uber deal, it has jumped by a further $4 billion based on Toyota’s investment

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