Grab raises additional $1 billion funds from financial firms | Top Stories

SINGAPORE (Reuters) – Southeast Asian ride-hailing company Grab said on Thursday it has secured new investment of $1 billion from a clutch of financial firms, including global asset manager OppenheimerFunds and China’s Ping An Capital.

FILE PHOTO: A Grab motorbike helmet is displayed during Grab’s fifth anniversary news conference in June 6, 2017. REUTERS/Edgar Su

The funding comes after Toyota Motor Corp in June bought a $1 billion stake in Grab as the lead investor in a financing round launched following Grab’s acquisition of Uber Technologies Inc’s operations in Southeast Asia.

Other investors in the new funding include Microsoft Corp co-founder Paul Allen’s Vulcan Capital, Macquarie Capital and Lightspeed Venture Partners.

Grab, which started as a taxi-booking firm six years ago, has been transforming itself into a consumer technology group, offering services such as digital payments and food delivery.

Reporting by Aradhana Aravindan and Anshuman Daga; Editing by Himani Sarkar

Our Standards:The Thomson Reuters Trust Principles.

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