SINGAPORE, June 6 Ride-hailing firm Grab, Uber
Technologies Inc's largest rival in Southeast Asia, is
likely to embark on a round of fundraising as it works to
develop new offerings such as financial services, its chief
executive told Reuters on Tuesday.
"I can't specifically give a time line but I can imagine
somewhere in the near future, there probably could be more money
coming in. That's probably quite likely," Anthony Tan, group
chief executive officer and co-founder of Grab, said in an
interview after an event to mark the firm's fifth anniversary.
In five years, Grab's network has grown from 40 drivers in
one country to over 930,000 across 55 cities in seven countries
including Singapore, Indonesia, Vietnam and the Philippines.
The Singapore-based startup raised $750 million in a funding
round in September, which sources said valued the firm at over
Grab's current investors include Chinese peer Didi Chuxing,
China Investment Corp, Japan's SoftBank Group Corp
and Vertex Ventures Holdings - a subsidiary of
Singapore state investor Temasek Holdings (Pte) Ltd.
Tan also said Grab is spending less on incentives per
transaction even as competition with Uber increased after the
U.S. firm exited the Chinese market last year.
(Reporting by Miyoung Kim and Anshuman Daga; Editing by