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Asia ride sharing: Grab (GRAB) announced it pulled in $2B in new funding including the $1B investment from Toyota (NYSE:TM) that was announced in June. The investor guest list to the party was long but featured Ping An Capital, Lightspeed Venture Partners, and Macquarie Capital. The round, which is still open, values Grab at $11B with $6B in total funding including the likes of SoftBank and Did Chuxing.
Grab eliminated Uber (UBER) from local competition by purchasing Uber’s Southeast Asia business for a 27.5% stake in Grab. Along with ride sharing, Grab has a payment service, food delivery, and a now launching “super app” showing its shift towards an offline-to-online strategy. Indonesia (population over 260M) is a key focus for Grab.
Competition: Uber’s departure leaves Indonesian on-demand service Go-Jek, valued at $5B with over $2B in funding from the likes of KKR, Warburg Pincus, Tencent, and Google.
