Grab to move into parcel delivery with new investments

Southeast Asian transport tech giant Grab has raised $1.5 billion in series H funding, taking its latest investments to $4.5bn.

While Grab currently does much of what Uber does – ride hailing, food delivery and payment solutions, the latest round of funding will also help it move into parcel delivery and a range of other services.

The SoftBank Vision Fund supplies the funding. This investment fund has already invested in Grab to some extent.

“The investment is a clear statement of belief in our vision to grow Southeast Asia’s technology ecosystem as the region’s number one super app,” said Grab CEO and cofounder Anthony Tan. “Looking ahead, we aim to continue improving the lives of many millions of Southeast Asians by providing enhanced income opportunities through our platform and giving our users more choice and convenience.”

David Thevenon, Partner at SoftBank Investment Advisers, said: “We have been working alongside Grab for a number of years and are privileged to support the evolution of its user-driven technologies. This investment will help the company explore exciting new opportunities across on-demand mobility, delivery and financial services as it continues to grow its offline-to-online platform across Southeast Asia.”

Grab has now raised nearly $9 billion since its inception in 2012. Grab bolstered its growth last year when it merged with Uber in Southeast Asia.

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