Grab targets another $2 billion funding this year

Above, Grab drivers wait for customers in Indonesia. (AFP)
Updated 08 April 2019
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Grab targets another $2 billion funding this year

  • The funding will be a mix of debt and equity
  • Grab is looking to rapidly expand its business in financial services and food delivery

SINGAPORE: Grab expects to raise another $2 billion from strategic investors this year, the CEO of Southeast Asia’s biggest ride-hailing firm said, just weeks after it announced funding of over $4.5 billion in the region’s largest private financing round.
“We expect to raise $6.5 billion of total capital this year,” Anthony Tan said in an interview on Monday.
The funding will be a mix of debt and equity, the co-founder said, adding that Grab is looking to rapidly expand its business in financial services and food delivery.
Grab is also looking to make at least six investments or acquisitions this year, said Tan, adding that the Singapore-headquartered company had no need for a stock market listing.
Grab’s massive financing round started shortly after it bought Uber’s Southeast Asian operations in March 2018 and, in return, Uber acquired a 27.5 percent stake in Grab’s business.


Egypt buys 2.7mn tons of local wheat so far this season

Updated 32 min 39 sec ago
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Egypt buys 2.7mn tons of local wheat so far this season

  • Egypt has said it aims to procure 3.6 million tons of wheat from local farmers during the season

CAIRO: Egypt, the world’s largest wheat importer has bought 2.7 million tons of wheat from its farmers so far this season, the state-owned Al Akhbar newspaper said on Sunday.
Egypt has said it aims to procure 3.6 million tons of wheat from local farmers during the season.