Ride-hailing app Grab plans US$1 bln push with long-term plans for Vietnam

Grab, one of the most popular mobile transport apps in Southeast Asia, has announced plans to raise US$750 million in equity financing, increasing its total capital position to more than US$1 billion to become the best capitalized technology startup in the region.

The ride share app now offers private car, motorbike, taxi and carpooling services across six countries in Southeast Asia, with up to 1.5 million bookings every day.

“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, CEO & co-founder, said in a statement.

Tan said that Vietnam, that Grab entered in early 2014, is an important market.

“We are fully committed to the growth in Vietnam,” he said.

Grab’s entrance in Vietnam was challenged by traditional xe om and taxi operations, but the service has gained a strong foothold after recently winning recognition from Vietnam's government.

“As the only ride-hailing app in exclusive partnership with the Vietnam government, Grab looks to provide long-term value in Vietnam by helping to solve traffic congestion and provide commuters with safe and reliable transport,” Tan said.

“We look forward to extending our market leadership in Vietnam and across the region,” he added.