This comes just months after the company raised $2 billion in an ongoing Series H round that included investments from Toyota (with which it also partnered), Oppenheimer Funds, and Ping An Capital, among others.
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The new strategic partnership means that Booking Holdings’s brands will have the ability to offer on-demand transport services through their apps, powered by Grab, and Grab customers will be able to book accommodations across the globe powered by Booking.com and online hotel reservations site Agoda, according to the companies’ joint statement.
Todd Henrich, SVP and head of corporate development for Booking Holdings, said in the statement: “Grab has scaled impressively across Southeast Asia over the last few years, establishing itself as a recognized leader in an increasingly competitive space, and we’re excited to partner with them to build even better travel experiences through technology.”
The money just keeps rolling in for Grab. Earlier this month, tech giant Microsoft announced it had invested in Grab as part of a deal that included collaborating on big data and AI projects, according to a TechCrunch report.
The company is aiming to raise $3 billion in the ongoing Series H round but its estimated $11 billion valuation is apparently the same after the strategic rounds, notes TechCrunch.
As Crunchbase News’s Savannah Dowling reported in August, Grab is backed by SoftBank and China’s ridesharing giant Didi Chuxing, Grab’s app allows hail transportation services through GrabTaxi, GrabCar, and its carpool service GrabHitch. In addition to its core services, the company recently introduced GrabAssist, a service for seniors and individuals with disabilities, and GrabFamily, a service for families with small children.
Grab operates in 235 cities in eight countries including Singapore, Malaysia, Indonesia, Philippines, and Vietnam.
Illustration: Li-Anne Dias