August 2, 2018 / 2:23 AM / 3 months ago

Grab raises additional $1 billion funds from financial firms

SINGAPORE, Aug 2 (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.

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)

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