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Exclusive: Grab targets another $2 billion funding this year - CEO

Exclusive: Grab targets another $2 billion funding this year - CEO
FILE PHOTO: Grab's CEO Anthony Tan speaks during Grab's fifth anniversary news conference in Singapore June 6, 2017. REUTERS/Edgar Su   -   Copyright  EDGAR SU(Reuters)
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By Aradhana Aravindan and Anshuman Daga

SINGAPORE (Reuters) – Grab expects to raise another $2 billion (£1.5 billion) from strategic investors this year, the CEO of Southeast Asia’s biggest ride-hailing firm said, just weeks after it announced funding of over $4.5 billion in the region’s largest private financing round.

“We expect to raise $6.5 billion of total capital this year,” Anthony Tan told Reuters in an interview on Monday.

The funding will be a mix of debt and equity, the co-founder said, adding that Grab is looking to rapidly expand its business in financial services and food delivery.

Grab is also looking to make at least six investments or acquisitions this year, said Tan, adding that the Singapore-headquartered company had no need for a stock market listing.

Grab’s massive financing round started shortly after it bought Uber’s Southeast Asian operations in March 2018 and, in return, Uber acquired a 27.5 percent stake in Grab’s business.

(Reporting by Aradhana Aravindan and Anshuman Daga)

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