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article imageRide sharing app Grab rakes in $2 billion post Uber deal

By Lisa Cumming     Aug 4, 2018 in Business
Grab announced $2 billion in new capital from their two-part Series H round. Since striking a deal to get Uber out of Southeast Asia, what does the company have planned for this funding?
The deal happened earlier this year when Uber announced that it had sold its business from the Southeast Asia market to Grab. The deal meant that Grab bought up Uber's businesses in eight countries in the region, Uber Eats present in three of those countries as well, in exchange for Uber getting a 27.5 percent stake in Grab and Uber CEO Dara Khosrowshahi joining Grab’s board.
A month on from the official announcement from Uber, TechCrunch reported that the deal wasn't going so well: former Uber employees feelt uneasy about joining Grab and other competitors like Go-Jek started moving in.
On top of that, Singapore's antitrust regulator, the Competition and Consumer Commission of Singapore, has also been threatening to undo the deal.
Grab's Series H funding round in June brought in $1 billion, lead by Toyota Motor Corporation. The round in August brought in another $1 million, Toyota Motor Corporation was also the lead investor. The latter round also saw Vulcan Capital, Ping An Capital, OppenheimerFunds, Mirae Asset Global Investments, Macquarie Capital, Lightspeed Venture Partners, China Cinda Asset Management, and All-Stars Investment participate.
The valuation of Grab prior to the latest round was $10 billion.
With the new funding, Grab plans on offering more on-demand services, not just ride sharing, and becoming "the everyday super app," according to a company press release.
"Today, Grab users have a one-stop solution to meet their everyday needs; whether it is using the Grab app to pay merchants through GrabPay, ordering food through GrabFood, sending parcels through GrabExpress, or hailing rides with Grab’s range of transport services, Grab is looking to expand the universe of everyday services available to its users through partnerships." — Ming Maa, President of Grab
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