Grab Announces Investment Over 20 Trillion Rupiah from SoftBank Vision Fund

Most of the funding will be used for market expansion in Indonesia

Marsya Nabila - 8 March 2019

Grab announces funding worth of US$1.46 billion (equivalent to 20.65 trillion rupiah) from SoftBank Vision Fund. It's claimed to be their biggest in Southeast Asia.

This funding is included in the ongoing series H round and open for interested investors. In total, Grab has received funding more than US$4.5 billion (around 63.65 trillion rupiah).

The other investors involved in this round are Toyota Motor Corporation, Oppenheimer Funds, Hyundai Motor Group, Booking Holdings, Microsoft Corporation, Ping An Capital, and Yamaha Motor. In fact, Grab has named Decacorn in the series G round.

"SoftBank and The Vision Fund are the long-term strategic investors for Grab, and we're glad for the advanced support for Grab's development," Grab's Co-Founder and CEO, Anthony Tan said, Wed (3/6).

He said this investment ready to support Grab's vision as the super app in Southeast Asia. It offers more daily services, bigger accessibility, and convenience for all customers.

In addition, service expansion in terms of financial, food and product delivery, content and digital payment, also the latest service announced last year.

Some services that have and soon to available in Grab's open platform are on demand video service with Hooq, digital health service, insurance, and hotel reservation with Booking Holdings.

He also specifically said most funding will be invested in Indonesia. Compared to other countries, Tan named Indonesia as the biggest with the most significant growth than other country bases.

"Compared to Thailand or Vietnam, both countries have not really significant impact for Grab."

He also specifically has no interest to involve in exchange, in any country. He said, the support of strategic investors for Grab are more than enough, therefore, exchange is not on the bucket list.

Business plan in Indonesia

President Director for Grab Indonesia, Ridzki Kramadibrata claims Grab as the leading on-demand transportation that covers 60% of two-wheeler and 70% of four-wheeler in Indonesia. The business is going well in Indonesia and income has increased by two times last year. There's no specific number to describe the claim.

He mentioned this funding is to be used for micro entrepreneur through GrabFood and GrabExpress, empowering tech talents, and developing local startup through Grab Ventures, and new service in Indonesia.

As part of this focus, Grab plans to introduce electric ride and Personal Mobility Device (PMD) in BSD City. Only, he hasn't shared the bigger picture regarding the plan, it's still an initial stage.

Either Tan or Kramadibrata confirmed that the company will look for the right solution for electric vehicle in Indonesia. Therefore, it can be just a copy paste from Singapore. What's Grab decision on this issue in Indonesia will not be the same with what happened in Singapore.

"Currently, Grab owns the largest number of electric vehicles. There are hundreds in Singapore. We partnered up with everyone, including the government, to create the ecosystem. We invest a lot to build healthier environment in Southeast Asia."

In group, Grab's profit has increased by two times from March 2018 to December 2018. GrabFood's increased by 45 times in the same period. The service has been available in 199 cities in 6 countries.

Grab Financial Group is claimed to be the only platform with access to e-money license in 6 SEA countries. Since established in March 2018, Grab has set the monthly transaction increase for almost 5 times up.

Instant delivery and same day delivery volume for GrabExpress is claimed to increase by three times regionally, and available in 150 cities.

Original article is in Indonesian, translated by Kristin Siagian

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