Singapore-based ride-hailing giant Grab has raised around $200 million in a fresh funding round from Seoul-based private equity firm Stic Investment, the media reported.
So far, Grab has raised around $9.9 billion in separate funding rounds since its inception in 2012.
Earlier this year, the company also raised around $700 million from Japan’s largest bank, Mitsubishi UFJ Financial Group. Both MUFG and Grab will develop financial services products such as insurance and loans. The same products will be available through Grab’s mobile app.
While MUFG will oversee the app’s personal loans and insurance offerings, Grab will make use of its data on customer preferences to suggest loans tailored to specific customers.
Another reason for MUFG to invest in Grab is its strong artificial intelligence systems and data analysis skills. Leveraging Grab’s technology will prove to be beneficial for MUFG as it competes with neobanks and fintech startups in its home market.
Grab also announced that it will let go around 5 percent of its current workforce, which is around 360 employees to help the company survive the Covid-19 crisis.
Grab chief executive officer Anthony Tan recently made the announcement to his employees.
With regard to the job cut, a spokesperson from Grab told TechCrunch that the company does not face any capitalisation issues. The layoffs are a part of a broader plan for Grab to become a leaner and more efficient organisation.
In the month of April, Grab has announced the appointment of Peter Oey as its new chief financial officer (CFO).
Before joining Grab, Peter Oey served as CFO at legaltech company LegalZoom. He also held a similar position at US-based consumer internet business MyLife. He also brings in the experience of working over 12 years at Activision Blizzard.
Tags: Grab, Singapore, Southeast Aisa, Singapore startups, Grab funding, Southeast Asia startups, Covid-19