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GRAB - JAKARTA. Grab, a ride-hailing decacorn, secured US$1.46 billion from Japanese venture capital firm SoftBank Vision Fund as part of its ongoing Series H funding round, bringing the total funds raised to $4.5 billion.
The bulk of the Series H would be invested in Indonesia, which is Grab’s largest market, said the company in a press statement released on Wednesday.
“Our target is to double the number of micro entrepreneurs in our system this year,” Grab Indonesia president Ridzki Kramadibrata told reporters in Jakarta.
The company aims to expand its Indonesian network of merchants, agents and drivers of at least 4.5 million individuals to 9 million by end of the year.
Ridzki added that his company would draw-in these new micro entrepreneurs by leveraging the network of partner companies such as online-to-offline supplier Kudo and e-marketplace Tokopedia.
Grab founder Anthony Tan added that his company would also deepen its presence in Indonesia, which remains a stronghold for archrival Go-Jek, by investing in local digital talents, funding local start-ups and building ties with the government.
Grab announced last year that it would invest $250 million through its Ventures Velocity program to train Indonesian start-ups BookMyShow ID, Sejasa and Minutes.
The three start-ups, respectively, provide booking services related to event tickets, home repairs and salon appointments.
Ventures Velocity was supported by the Creative Economy Agency (Bekraf) and Communications and Information Ministry, whose head, Minister Rudiantara, is a vocal supporter of homegrown unicorns including Go-Jek.
