Home News Grab: Looking to raise $1 billion in an attempt dominate the market

Grab: Looking to raise $1 billion in an attempt dominate the market

- Advertisement -

Obbana Rajah

According to insider information, Grab is now looking to raise $1 billion in order to further expand in Southeast Asia.

This increase will lead to Grab being valued at a hefty $10 billion.

While Grab is still in talks about the exact amount to raise and how to go about raising the money, the funds would mean a stronger foothold in both Singaporean markets and in the region as a whole.

- Advertisement 1-

According to website crunchbase.com, Grab even sees China’s ride-hailing firm Didi Chuxing as one of its investors. Not surprisingly, Didi Chuxing acquired Uber China in 2016.

After its merger with Uber Singapore, Grab was valued at a whopping $9 billion. As per an article in The Wall Street Journal, “A valuation of $10 billion after the latest fundraising round would keep Grab ahead of its other main regional competitor, motorcycle-hailing startup PT Go-Jek Indonesia. That company was valued at $4.5 billion earlier this year, according to Dow Jones VentureSource data”.

While this amount of fundraising would definitely be very beneficial for Grab – or any other company for that matter – whether or not it is the best thing for local markets is highly debatable.

After months of speculation and action (or rather inaction) by the Competition and Consumer Commission of Singapore (CCCS), two new ride-hailing firms have entered Singapore markets, with talks of a third, Go-Jek, to do so as well. These were measures to curb Grab’s monopolistic tendencies, but raising funds and increasing its market share might do just the opposite.

The battle of the ride-hailing firms never seems to cease.


- Advertisement 2-

obbana@theindependent.sg

Follow us on Social Media

Send in your scoops to news@theindependent.sg 

- Advertisement -

Read More

Man rescues mynah with cable ties on mouth & legs in Pasir Ris

Singapore — A man walking along Pasir Ris Street 71 on Jan 15 spotted a Javan mynah with a cable tie on its mouth and two more on its legs, preventing it from flying or moving properly. Haziq Ismail was...

Healing the Divide’s Iris Koh now in SGH, hit with more serious charge of criminal conspiracy to lie to MOH

Singapore – Iris Koh,  co-founder of controversial anti-vaccine group Healing the Divide, had her the charge against her last Sunday upgraded on Friday (Jan...

Stories you might’ve missed, Jan 28

It’s not just OCBC and Singapore, scammers are ripping off people across Asia Photo: screengrab/ BDO Unibank Inc Singapore —  The phishing scams that burst into...

17 months jail for maid who shot and shared TIkTok video of herself bathing old man

Singapore – A domestic worker in Singapore was sentenced to 17 months' jail on Thursday (Jan 27) after she admitted recording and sharing online...

Family of otters no match for lone monitor lizards’ powerful tail whacking as they try to steal a fish

Singapore – A glimpse of nature at work was caught on camera as a family of otters tried to steal a fish from a...

Man rescues mynah with cable ties on mouth & legs in Pasir Ris

Singapore — A man walking along Pasir Ris Street 71 on Jan 15 spotted a Javan mynah with a...

Healing the Divide’s Iris Koh now in SGH, hit with more serious charge of criminal conspiracy to lie to MOH

Singapore – Iris Koh,  co-founder of controversial anti-vaccine group Healing the Divide, had her the charge against her last...

Stories you might’ve missed, Jan 28

It’s not just OCBC and Singapore, scammers are ripping off people across Asia Photo: screengrab/ BDO Unibank Inc Singapore —  The...

17 months jail for maid who shot and shared TIkTok video of herself bathing old man

Singapore – A domestic worker in Singapore was sentenced to 17 months' jail on Thursday (Jan 27) after she...
Follow us on Social Media

Send in your scoops to news@theindependent.sg