Report: Grab confirms additional $2 billion in funding

The ride-hailing company is growing
by Jason Tulio | Aug 3, 2018
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Grab, which has already proven itself big enough to swallow the Southeast Asian operations of Uber, has just gotten $2 billion bigger.

Tech in Asia reports that the Singapore-based company has announced this signifant boost to its budget after a long-speculated round of fundraising. Toyota led the charge with its $1 billion pledge from a few months ago. Other investors like Macquarie Capital, Venture Partners, and have also joined the fold.

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The investment comes as Grab begins positions itself as an "everyday app," and it's apparently aiming to to be the top one in Southeast Asia. The funding will be used in its efforts to expand further across the region, with Indonesia being its primary target. In addition to the growth of its ride-sharing arm, the company also mentioned that its other services like GrabExpress and GrabFood have also blossomed this year. 

The question for us is, how will this increased funding affect service in the Philippines? It's been a good year for Grab, sure, but will we actually see the benefit of that $2 billion? Will more money mean better availability of rides, or will the woes of ride-sharing passenger continue? Let us know your thoughts in the comments below. 

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PHOTO: Grab
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