Ride hailing platform Grab announced it has raised $2bn for its most recent funding round, following a $1bn investment from Toyota Motor Corporation.
It has now been revealed that joining Toyota in the investment will be Ping An Capital, Oppenhemier Funds, Lightspeed Venture Partners, Vulcan Capital and many other financial organisations.
Grab’s president, Ming Maa, stated: “We are honoured to welcome these top-tier financial institutions into our roster of strategic investors and partners who are keen to partner with us to capture the region’s booming growth.”
Having previously bought out main rival Uber in the Southeast Asia region, the Singaporean firm now intends to use its funding to expand the range of services available on its app.
It will also make efforts to become more competitive in the Indonesian market, where is rivals established local firm GoJek.