Ride-hailing firm Grab secures $1.5 billion in funding

Grab said a ‘significant portion’ of the new investment will be used to grow its business in Indonesia, the home base of regional rival Go-Jek. (AFP)
Updated 06 March 2019
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Ride-hailing firm Grab secures $1.5 billion in funding

  • Grab has seen its business grow rapidly since it bought US-based rival Uber’s regional ride-hailing and food business in March last year
  • Uber received a 27.5 percent stake in Grab in return

SINGAPORE: Southeast Asian ride-hailing firm Grab said on Wednesday it has secured $1.5 billion in fresh financing from a fund run by Japan’s SoftBank and will use a significant portion of it to expand in Indonesia.
Grab has seen its business grow rapidly since it bought US-based rival Uber’s regional ride-hailing and food business in March last year. Uber received a 27.5 percent stake in Grab in return.
The fresh investment from the Vision Fund of Softbank Group brings the total financing secured by Singapore-headquartered Grab over the past year to more than $4.5 billion.
The company said it is expanding its financial services and food and parcel delivery businesses, as well as adding new offerings such as on-demand video, digital health care, insurance and hotel bookings.
Grab said a “significant portion” of the new investment will be used to grow its business in Indonesia, the home base of regional rival Go-Jek, which has recently launched in Singapore.
“Grab’s Indonesian business is expanding rapidly, with revenue more than doubling in 2018,” the company said in a statement.
Toyota Motor, Hyundai Motor, Oppenheimer Funds and Microsoft Corp. are among the major investors in Grab over the past year. Softbank is owned by Japan’s richest man Masayoshi Son.
Go-Jek has won financial backing from investors including Google, Singapore’s sovereign wealth fund Temasek and Chinese Internet giant Tencent.
Southeast Asia’s ride-hailing market is expected to be worth $20 billion by 2025, according to research by Google and Temasek.


Iraq cuts oil exports in line with OPEC deal: minister

Updated 20 March 2019
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Iraq cuts oil exports in line with OPEC deal: minister

  • An OPEC meeting in Vienna in April would assess member states’ compliance with agreed production cuts
BAGHDAD, March 14 : Iraq has cut its oil exports average to 3.5 million barrels per day in compliance with an ongoing production curb agreement, its oil minister said on Thursday.
Thamer Ghadhban told reporters an OPEC meeting in Vienna in April would assess member states’ compliance with agreed production cuts and whether to extend the curbs until the end of the year.
Iraq is committed to the deal and working to stabilize markets, he said. (Reporting by Ahmed Rasheed; Writing by John Davison; Editing by Mark Potter)