Grab refinanced $200 million and accumulated more than $10 billion

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On the evening of August 3, Beijing time, people familiar with the matter said today that grab, a South East Asian online car Hailing service giant, was raising $200 million from stic investments, a South Korean private equity firm.
Seoul based static investments is seeking to increase investment in Southeast Asia, people familiar with the matter said. Of the $200 million invested in grab, about $100 million will come from a fund in stic investments, and another $100 million will come from CO investors.
Representatives of grab and stic investments declined to comment.
Despite the devastating impact of the new coronavirus outbreak on the consumer business, grab has been able to raise funds to support its online car hailing, meal delivery and digital financial services.
Grab is one of the most well funded technology start-ups in Southeast Asia, with more than $10 billion raised so far, of which about $3 billion comes from Softbank group. Grab is currently valued at about $14.3 billion, according to CB insights, a research firm.
The company was founded in 1999 and manages about $4.5 billion in assets, including big hit entertainment and the Vietnamese conglomerate Masan group, according to the website of stic investments. (Li Ming)