By Jon Russell
Always be raisin’. That appears to be the motto of Southeast Asia’s ride-hailing companies Grab and Go-Jek.
Fresh from closing a near-$1.5 billion raise from SoftBank’s Vision Fund as part of a huge, multi-billion Series H deal, Grab said today that it plans to extend the round to $6.5 billion to amp up its battle with Go-Jek, which recently raised $1 billion of an ongoing Series F round.
A spokesperson for Grab told TechCrunch that the $6.5 billion will include additional money into that Series H deal, and it may include debt funding. The money announced so far this year — that $4.5 billion from the Series H — is included in that $6.5 billion goal, the Grab rep explained, so that means Grab is aiming to raise
a further $5 billion in 2019
a further $2 billion in 2019. (Update: yes, it’s confusing so we’ve corrected our numbers because Grab said the $6.5 billion includes the entire Series H, some of which was announced last year, not just the portion raised in 2019.)
Grab’s Series H has already swollen to $4.5 billion, to give you an idea of its cash pile right now. Grab’s …read more
Source: Tech Crunch