Grab offers private car, motorbike, taxi and carpooling services across six countries and 31 cities in Southeast Asia. — Photo wsj.com

HA NOI (Biz Hub) — Grab has raised US$750 million in equity financing, increasing its total capital position to over $1 billion, according to a press release today.

With this transaction, it becomes the best capitalised technology startup and mobile internet company in Southeast Asia. 

Grab operates the largest transportation network in Southeast Asia and is one of the most frequently used mobile platforms in the region with up to 1.5 million daily bookings. 

Grab offers private car, motorbike, taxi and carpooling services across six countries and 31 cities in Southeast Asia. The firm will leverage its $1 billion capital to continue expanding its transportation services in Southeast Asia, home to 620 million people, and a rising population of middle class and mobile users. 

"Our vision is to drive Southeast Asia transportation forward and transform the region's mobile internet ecosystem. This latest funding, the largest in the history of Southeast Asia consumer technology, strengthens our ability to pursue those long-term goals as we continue to build on our market leadership," Anthony Tan, Group CEO and co-founder, said.

Tan added, "Grab has grown tremendously over the past year. This round of funding shows the confidence and optimism investors have in Grab's market leadership and long-term potential in Southeast Asia."

"We are fortunate to have great partners like SoftBank, many of whom have unparalleled track records of investing in leading internet businesses in emerging markets and seeing those companies through to become the core of internet ecosystems in each market," he said. — VNS