Grab Holdings is targeting to raise US$200 million from South Korean private equity firm Stic Investments Inc.
Grab is a multinational ride-hailing company with a range of services including ride-hailing, food delivery and digital financial services.
Reports from Bloomberg indicate Stic Investments will finance US$100 million of this deal from one of its fund and will raise the remainder from other investors.
Grab is an eminent ride hailing app in Southeast Asia. The company’s patronage had reduced due to the coronavirus outbreak. Despite the dip in sales Grab has been able to win the confidence of investors to secure funds. The company is one of the most hugely funded startups in Southeast Asia raising more than US$10 billion with a staggering US$3 billion from Softbank.
It’s valued at $14.3 billion, according to CB Insights.