February 26

Grab Raises up to $856m to Boost Payments Business as Rumors Swirl of a Merger With Rival Gojek

By Catherine Shu, Manish Singh, Ingrid Lunden

Southeast Asian on-demand transport startup Gojek denies that it is involved in talks to merge with Grab. But today Grab  announced a piece of news that — at the very least — will either divert attention away from a possible merger with Gojek or stoke the fires of speculation that it is indeed gearing up for a deal.

Grab said that it has raised $856 million more in funding in two tranches from strategic Japanese investors. The funding will help grow the other arms of Grab’s business in payments and financial services. Grab did not disclose its valuation with the latest investments.

The news comes directly on the heels of rumors that Grab is in talks to merge with its big regional rival, Gojek.

Photo courtesy of Moss.

Source: TechCrunch (link opens in a new window)

startups, transportation, venture capital