Grab expects to be four times bigger than its “closest competitor” by the end of the year

It’s aiming to raise further billions of dollars for acquisitions and growth

Image Credit To Grab.

After announcing massive incoming funding earlier this year, which included USD 1.5 billion from SoftBank’s vision fund, Grab is letting the world know that it’s far from done.

The ride-hailing and local services firm said it wants to bring the total funds raised to USD 6.5 billion this year, which means USD billion on top of the ongoing series H financing round has so far brought in USD 4.5 billion. The remaining USD 2 billion will be raised in the form of equity and debt, a Grab spokesperson clarified.

Grab says it intends to make a minimum of six acquisitions across the region this year, with significant expansions in the food delivery and payments verticals.

“At our current growth rates, we expect to be four times bigger than our closest competitor in Indonesia and across the region by the end of the year, ” said Grab’s co-founder and CEO Anthony Tan in a press statement.

Meanwhile, the valuation of Grab’s main rival Go-Jek also continues to rise. It apparently now also sits at over USD 10 billion, which means it has become Indonesia’s first, and Southeast Asia’s second, decacorn after Grab, according to Bloomberg citing a US market intelligence company report.

Editor: Nadine Freischlad

Updated April 9: Added Grab’s statement clarifying that the additional USD 2 billion will be raised in the form of equity and debt financing.