Grab Raises Another $2 Billion to Expand Ride-Hailing Services

Singapore-based GrabTaxi Holdings Pte. Ltd. has raised $2 billion in new financing, about half of it from Toyota Motor Corp., Bloomberg News reports.

The 6-year-old ride-hailing/ride-sharing startup plans to use the funds to expand in southeast Asia and introduce such new services as food delivery.

Grab agreed in March to acquire Uber Technology Inc.’s operations in southeast Asia. The company is locked in an expensive battle with Indonesian rival Go-Jek for dominance in the region, especially Indonesia.

Grab President Ming Maa tells Bloomberg the company currently coordinates more than 7 million drivers and agents in 225 cities and eight countries.