Grab raises $750m in funding

Grab, a top ride-hailing app in Southeast Asia, has raised US$750 million in funding, it announced in a press release today. Japanese conglomerate Softbank led the investment round, which was oversubscribed.

This brings its cash position to US$1 billion. The raise has been in the works for some time. Bloomberg earlier reported that Grab was raising a round from Softbank and Chinese transportation app Didi Chuxing.

Sources told TechCrunch that the round would value Grab at over US$2.3 billion pre-money. A source familiar with the matter told Tech in Asia that the company is valued at over US$3 billion.

This makes it the second biggest tech company from Southeast Asia by valuation. Garena is worth a reported US$3.75 billion.

Grab burned US$111 million in Q3 2015. It was estimated to be making US$31 million in annual net revenue in that year, according to TechCrunch.

Grab offers car, motorbike, and taxi-hailing services in six countries and 31 cities.