To date Grab has raised nearly $8 billion since its inception nearly 7 years ago.
According to Grab’s CEO Anthony Tan, the transportation network company is looking to raise another $2 billion in 2019 to ramp up its expansion plans.
This announcement comes in the wake of its latest funding round in which it cornered $4.5 billion in what is Southeast Asia’s largest round of private financing.
Grab plans on rolling out an aggressive strategy to expand its bouquet of services, which includes from transport to food delivery and payment services.
Japan’s Softbank-backed Grab, expects to invest a significant portion of the funds in Indonesia.
“We basically received a very strong vote of confidence. And Masa shared that SoftBank is very happy with Grab and that SoftBank will provide unlimited support to power our growth,” said Tan, in reference to SoftBank founder and CEO Masayoshi Son.
SoftBank did not respond to a request for comment.
According to Tan, the funding, will be raised from strategic investors, including SoftBank, and will include a mix of debt and equity.
Singapore-headquartered Grab, like its regional rival Go-Jek, has been raising billions of dollars to bring ride-hailing, food delivery, e-commerce and banking to a populous region with a growing number of consumers that use smartphones to commute, shop and make payments.
Both firms started out in ride-hailing and have since amassed millions of users with cut-rate prices.
Backers for Go-Jek include Temasek Holdings, Tencent and Alphabet Inc’s Google.
Grab counts Toyota, Microsoft, China’s Didi Chuxing and Hyundai among its backers.
According to sources with direct knowledge of the matter at hand, Grab has raised nearly $8 billion since its launch almost 7 years ago.
Last month, Grab’s president Ming Maa, a former SoftBank executive, said the ride-hailing firm was considering raising more funds in its ongoing financing round, in which the SoftBank Vision Fund has invested $1.5 billion.
“With the amount of funding we have raised, and the support from strategic investors like SoftBank, we are so well-funded to execute on our expansion and investment plans, so there is really no need to IPO,” said Tan.
He went on to add, Grab wants to make at least six investments or acquisitions in 2019 and plans to add 1,000 staff globally.
In Singapore, it will double staff to 3,000 when its $134-million headquarters is complete by end-2020.
SoftBank’s support will help Grab “grow very aggressively this year across our verticals – transport, mobility, food and payments”, said Tan.