Singapore-based ride-hailing startup Grab has raised more than $700 million from Japan’s largest bank, according to a new report from Bloomberg.
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Mitsubishi UFJ Financial Group wants to plug the institution’s financial services to Grab’s users, Bloomberg reported, citing a person familiar with the deal.
Although Grab started off as a ride-hailing app, its services now go far beyond that. The company wants to be an “everyday everything” app–it currently lets users book rides, meals and hotels, and offers payment services, among other things.
The company operates throughout southeast Asia, including in Indonesia, Malaysia, Cambodia, Myanmar, Thailand, Vietnam and the Philippines.
The new investment makes Grab extremely well-capitalized. It last raised an extensive Series H round in 2018 and 2019. In 2019, it received a $1.5 billion investment from the SoftBank Vision Fund, followed by a $300 million infusion with Invesco as the lead investor as part of the Series H round.
With the new funding from Mitsubishi UFJ, Grab’s total funding comes to about $9.8 billion, according to Crunchbase.
While it attracts large amounts of venture capital, Grab also invests. Last year it participated in Splyt Technologies’ $8 million Series A.
Grab is backed by firms including SoftBank Vision Fund, Invesco, Beacon Venture Capital, and automakers like Hyundai Motor Company and Yamaha Motor Company.
Illustration Credit: Li-Anne Dias
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