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It will use funds to expand growth into Indonesia and increase R&D

After speculations back in August of a sizeable fundraising round, Grab has announced that it has officially sealed the deal.

A US$750M deal, that is.

SoftBank led the expanded and oversubscribed round, with participation from existing and new investors.

Grab plans to use the newly-raised capital to expand its presence in Indonesia and invest in growing its mobile payment service GrabPay.

It recently partnered with Indonesia’s second biggest local bank Mandiri to offer a mobile wallet service. It also partnered with Lippo Group to allow customers to make purchases with GrabPay at Lippo’s department stores, coffeeshops, e-commerce platform and cinemas.

Grab will also continue to invest in machine learning and data science capabilities to “develop innovative features like Flash that pools cars and taxis, improve back-end routing capabilities, and build its proprietary POI mapping database.”

The post Grab raises US$750M in oversubscribed round led by SoftBank appeared first on e27.

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