SoftBank-backed Grab Holdings to raise $200 million from PE company

SoftBank-backed Grab to raise $200 mn from PE companySoutheast Asian ride-hailing leader Grab Holdings Inc is raising $200 million from South Korean private equity firm Stic Investments Inc, according to people familiar with the matter.

Seoul-based Stic Investments is looking to increase its exposure to the region and will invest about $100 million from one of its funds while raising the remainder from co-investors, according to the people, who asked not to be named because the matter is private. Representatives of Grab and Stic declined to comment.

Despite the devastating impact Covid-19 has had on consumer businesses, Grab has been able to raise money to continue funding its ride-hailing, food delivery and digital financial services. The Singapore-based firm is among the most richly financed tech startups in Southeast Asia, having raised more than $10 billion to date including about $3 billion from SoftBank Group Corp.