Grab just raises US$200M more funding from Booking | Digital Asia
Digital Asia News Update
Grab recently bagged strategic investment from Microsoft just before this fresh capital injection
Ride-hailing, food delivery, and payment service startup Grab confirms that it received new US$200 million capital courtesy of Booking Holdings, the company behind the travel booking Booking.com and Agoda. It is reported that Grab claimed the investment to be a part of the ongoing funding round to reach US$3 billion before the end of the year.
So far, Grab has raised US$2 billion; US$1 billion from Totoya, and the recent ones from Microsoft and now, from Booking, the travel firm formerly known as Priceline.
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However, the current value of the company remains at US$11 billion, unchanged even after this fresh funding.
Booking pulled out this funding in similar fashion with the one it made in China’s Didi for US$500 million. Both Didi and Grab will make its services integrated into Booking’s apps, making sense of the idea of pre-ordering a Grab to meet customers after a flight has landed, or having one take customers to their hotel.
As for Booking, Grab said it will host Booking’s travel accommodation in its app by next year. But starting from now, Grab customers can get rewards and offers in Booking’s app.
Grab has been on a quite ambitious scaling up, with the acquisition of Uber’s regional business back in March, and its plan to become a ‘super app’ in Southeast Asia by opening its platform to third-parties.
Currently, Grab has presences in eight countries and claimed to have over 110 million downloads.
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Booking, that rebranded from Priceline just on February this year, also runs Kayak, Priceline.com, OpenTable, and Rentacars besides the more well-known Booking.com and Agoda.
Image Credit: Grab
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