Southeast Asian ride-hailing app Grab has raised a whopping $2 billion for its current round of financing. Toyota, which announced its investment in June, has been joined by a number of global financial institutions including OppenheimerFunds, Ping An Capital, Mirae Asset – Naver Asia Growth Fund and Cinda Sino-Rock Investment Management Company.
All-Stars Investment, Vulcan Capital, Lightspeed Venture Partners, Macquarie Capital and other investors also participated.
The funds will be used to expand Grab’s online-to-offline services it provides in Southeast Asia, including GrabPay, GrabGood, GrabExpress and GrabFresh, an on-demand grocery delivery service launched last month in Jakarta.
Ming Maa, president of Grab, said:
“We are honoured to welcome these top-tier financial institutions into our roster of strategic investors and partners. Grab is today the industry-changing O2O platform that enables millions of consumers and entrepreneurs to come online and drive the digital economy in Southeast Asia.
“We have seen overwhelming interest from global strategic investors and partners who are keen to partner with us to capture the region’s booming growth.”
Grab plans to use a “significant portion” of the proceeds from the current round to continue investing in Indonesia. The company has over 7.1 million micro-entrepreneurs on its platform, more than half of whom reside in the country.
The latest fundraise comes just a year after Grab closed a record-breaking $2.5 billion funding round.