Southeast Asian "super-app" Grab raises $856 million
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Grab, a Southeast Asian "super-app" for everything from ride-hail to payments, raised $856 million from Japanese investors Mitsubishi UFJ Financial Group and TIS Inc.
Why it matters: This appears designed to help Grab maintain its market lead over rival GoJek — the companies were most recently valued at $14 billion and $9 billion, respectively — although comes less than 24 hours after a report about merger talks.
- Extra intrigue: Gojek denied that the two sides are in negotiations, while Grab declined comment.
The bottom line: "Grab’s growth of its super app — in which it (like others pursuing a similar strategy) provides a one-stop shop for consumers to both see to their transportation needs, but also other aspects of their connected consumer life, such as eating, entertainment and managing their money — has involved the company partnering with a number of other financial giants," writes TechCrunch.